[Funding alert] Payroll platform Skuad raises $4M in seed round from BEENEXT, others
Skuad, a global employment platform to hire, pay and manage globally distributed teams, on Monday announced that it has raised $4 million in a seed round. The funding came from global venture capital firms BEENEXT and Anthemis Group, alongside Alto Partners Multi-Family Office and Rohan Monga, CEO of Zenius Education among others.
The platform, which is currently being used by companies in countries across South East Asia, Africa and North America, plans to use the funds to grow its remote employment infrastructure and scale its growth team in multiple geographies.
“With Skuad, we are on a mission to enable companies to build teams with global talent quickly while opening up amazing opportunities for top talent to realize their dreams to work for startups as well global companies even if they are not geographically co-located,” said Sundeep Sahi, CEO of Skuad.
According to the startup, the COVID-19 pandemic has brought an unprecedented shift in how organisations are building teams and there is significant adoption of hiring great talent beyond the geographical boundaries.
Hiring in other countries is not only highly complex, but it also has compliance risks associated with it, the startup added. Skuad claims that it helps employers build and pay its remote workforce seamlessly, without needing to set up local entities.
The platform not only automates global payroll, local compliance and taxation but also provides benefits for employees spread across geographies. Companies can onboard employees or contractors anywhere within minutes, the firm said.
“As an enabler of operationalising distributed teams, Skuad brings in simplicity and seamlessness to hiring while doing away with expansion or capacity constraints,” added Dirk Van Quaquebeke, Managing Partner BEENEXT.
Skuad was co-founded in 2019 by Sundeep Sahi (former Chief Product Officer at Brand Networks and ex Microsoft), Naman Singhal (former CEO of AppStreet, a mobile application development company), and Dave Fall (former CEO Brand Networks and ex-Google).
With this platform, they claim to be enabling companies to tap into top talent available globally without the intricacies or excessive costs involved in managing local entities or related compliances.
Edited by Saheli Sen Gupta