Skuad, a digital payroll platform for remote teams, has secured US$4 million in a seed funding round, led by Singapore-based VC firm BEENEXT and venture investment platform Anthemis Group.
With the new funding, Skuad intends to develop its remote employment infrastructure and scale its growth team across multiple geographies.
The idea for Skuad sprouted into the minds of the three co-founders –Sundeep Sahi (former CPO at Brand Networks), Naman Singhal (former CEO of AppStreet), and Dave Fall (former CEO Brand Networks)– after they experienced the pains of running a remote team with their previous companies. This included setting up legal entities and ensuring remote compliance for each country.
Since every country has its own unique requirement, the trio decided to come up with one “global employment platform” where companies can hire remote employees without setting up subsidiaries or local infrastructure in other countries.
“We started building Skuad pre-COVID-19 with a vision of a flat world where great talent can have an amazing and fulfilling career in their own city or country while working remotely for thriving companies that would love to hire them. The pandemic reinforced further this idea across the globe and we are already seeing a significant uptick on this demand in various corridors,” Sahi said in an interview.
Skuad’s platform for hiring has been used by many large companies such as Indonesian tech giant gojek and Indian telecom giant Airtel.