It’s a hat-trick moment for Multiplier and we’re thrilled to announce yet another fund raise. We just raised our series-B of $60 million led by Tiger Global and Sequoia India Capital and joined by DST Global Partners. Multiplier’s total capital now stands at $77.2 million, valuing the company at $400 million.
This round is particularly significant, as it comes less than three months after the company’s series A (headed by Sequoia Capital India) and six months after seed funding (via Surge, Sequoia Capital India’s start-up program) as the company scales globally.
We are grateful and extremely fortunate to have the opportunity to work with the best investors and brightest minds. Multiplier’s aim is to alleviate the pain points of businesses of all sizes when it comes to hiring, employing and managing talent across the globe compliantly.
Our Progress so far:
Since our last funding announcement of series A in October 2021, our team has been working efficiently on delivering on our promise of building a stellar feature-rich platform. Now, our self-serve platform lets employers create multilingual employment contracts with minimum intervention in a matter of minutes for most countries. Employers can also offer employee stock ownership plans to their employees. The team is also working on rolling out the crypto-payroll features so businesses can pay their freelancers with cryptocurrencies.
The provision of health insurance coverage, a core feature in most conventional benefit packages, is a crucial emphasis for Multiplier. Since the market is saturated with intermediaries, agents, and brokers, the cost and value are vital. Multiplier is the only firm in the industry that can offer its customers locally competitive, customizable, and homogeneous insurance at competitive and affordable prices. We are also helping businesses run payroll and benefits in countries where they own entities.
Multiplier’s solution has been recognized and highly ranked in G2 and Capterra, a testimony to the platform’s expanding popularity. Our customers have given us great feedback, and we’re excited to hear that our efforts are helping them save time and efficiently manage employment, payroll, and compliance.
We owe this success and milestone to our team. Without our team’s tireless efforts, this wouldn’t be possible, and they continue to exceed expectations every day. Thanks to our customers and our investors for believing in our mission.
The fresh capital marks our transition into the next phase of business. We will invest heavily in product development, international expansion, and garnering meaningful partnerships. As we prepare for Multiplier’s most significant growth phase, we are looking to add passionate, stellar, and motivated professionals at different levels across the organization.
We’re in a fortunate position to be a part of a booming market. It is pretty exciting to see that our technology is transforming the global employment landscape, and this funding announcement will allow us to scale and make great strides in this growing industry.