Native Teams, a work payments platform for freelancers, remote workers, and business owners, has successfully raised a further round of investment totalling €6.275 million to power its ambitious plans of becoming the go-to platform for work payments.
The startup received support from existing investors Eleven Ventures and Fil Rouge Capital and new investors MFG Invest, Begin Capital, plus others. The new investment serves as a recognition of Native Teams’ continuous dedication to enhancing their financial services platform for better product performance in their key markets, as well as the further expansion of the business into Asia.
Native Teams specialises in providing work payment solutions, helping individuals and businesses streamline global remuneration within a centralised platform. Founded in 2020, the company has quickly expanded to over 65 countries with a global team of more than 200 employees across their target markets.
While the wider EOR (Employer of Record) sector has become more established over the last few years, Native Teams sits in a unique space between traditional EOR providers on the one hand and more generalist payment platforms on the other. This enables a highly flexible, transparent and “employee-first” approach, dedicated to work payments.
“We are delighted to announce the closing of this pre-series A investment round. It’s a testament to the progress our team have made over the last year as we bring Native Teams’ simplicity and transparency to power work payments of so many more users around the world. We are lucky to have some exceptional, like-minded investors join us on our journey to advance and update remuneration for the new world of work,” said Alex Mitrevska, Chief Evangelist and Co-founder of Native Teams.
Begin Capital is a London-based VC fund focused on seed and Series A investments for companies working in the European market. With a keen understanding of Native Teams’ innovative approach, Begin Capital has shown confidence in the company’s ambition to revolutionise the way freelancers, remote workers, and global businesses operate in the world of remote work.
“We are super excited to join forces with Native Teams. We share their vision of a next-gen global workforce management platform – a platform with an employee-centric DNA. With functionality that goes far beyond basic employer of record services, bringing enterprise-level employment experience to every remote employee,” added Ruslan Sarkisyan, Partner, Begin Capital.
MFG Invest is a corporate venture capital fund that helps entrepreneurs turn their bold ideas into reality. By investing in Native Teams, MFG Invest aims to enhance the innovative platform’s global presence and position it as one of the key players in the global payments and EOR sector.
“Imagine that you want to work for a US company from Hungary as a developer. Or that you want to hire five Australian designers for your Norwegian company. Even in the era of globalisation, internet access and even AI, bureaucracy is still slowing down potential. Native Teams helps people break artificial boundaries while staying compliant. It does the heavy administrative lifting and lets you focus on what matters – your actual work. We strongly believe in people’s potential, and this is why we decided to invest in Native Teams,” commented Simeon Iliev, MFG Invest.
Since its founding four years ago, Native Teams has demonstrated strong growth indicators. The platform currently has tens of thousands of users worldwide. Looking ahead, the company plans to continue to introduce further advancements and innovations in the work payments space both in existing and new markets.
The new investment will help the enhancement and expansion of their offering outside the European region, with a strategic focus on the US, India, and the wider Asian region. This expansion will empower more individuals and small and medium-sized business owners with simplified work payments and other solutions focused on employment options and tax compliance.
“The market opportunity ahead of us is probably the biggest sector imaginable: redefining payments for work. This funding round lets our capital-efficient business take the next important steps as we serve ever-broader market segments, to a greater extent, and in a growing number of countries,” said Jack Thorogood, CEO & Founder of Native Teams.
As the demand for flexible remote work solutions continues to grow, Native Teams is well placed to become a leader in shaping the future of modern work payments.
Read the orginal article: https://www.eu-startups.com/2024/05/london-based-native-teams-raises-e6-2-million-to-advance-remuneration-for-the-new-world-of-work/
