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EXCLUSIVE: Skuad Gets $4M To Help Companies Build Remote Teams

HR tech is hot — and VCs know it.

Yessi Bello-Perez

Photo by Unsplash on Unsplash

Unleash Your Curiosity Skuad has closed a $4 million Seed round from investors including BEENEXT and Anthemis Group.

  • Skuad is a global employment platform that allows companies to hire, pay, and manage distributed teams.
  • This is the startup’s first round of funding.
  • The cash will be used to continue growing and expanding in developed markets including the US and Singapore.

skuad, a tech-enabled platform that allows companies to hire, pay, and manage remote teams, has raised $4 million in Seed funding.

Investors in Skuad‘s round included BEENEXT — whose portfolio companies in the HR tech space include Snaphunt and Gustav — and Anthemis Group.

The round also drew support from Alto Partners Multi-Family Office and Rohan Monga, CEO of Zenius Education.

“We’re on a mission to enable companies to build teams with global talent. At the same time we’re opening up amazing opportunities for talent to work for startups and global companies even if they are not geographically co-located, ” said Sundeep Sahi, Skuad’s CEO.

Sahi, a former chief product officer at Brand Network, co-founded the venture alongside Naman Singhal, the former CEO of AppStreet, a mobile application development company; and Dave Fall, the former CEO at Brand Networks.

The CEO told UNLEASH that Skuad currently has more than 25 paying customers spread out across the US, Singapore, Philippines, Vietnam, and Indonesia.

“Our most successful case study of helping a company scale quickly with remote teams is Zenius, an Ed-tech who built their complete engineering team remotely and are using our platform for managing their payroll, compliances as well as benefits. That is how our customer also became our investor,” he added.

Skuad’s core team.

The platform is currently being used by companies in countries across South East Asia, Africa, and North America.

This tranche of funding will enable Skuad to grow its remote employment infrastructure and scale its growth team accross multiple geographies.

HR Tech is HOT

Skuad’s investment round is the latest in a string of transactions happening in the HR technology space.

Back in November, UNLEASH reported on San Francisco-based SmartRecruiters’ acquisition of JobPal, an emerging conversational AI tech provider based in Germany.

The deal came just weeks after AllyO, another chatbot provider, was snapped up by HireVue.

A recent report by HRWins found that VCs spend in HR tech rose by 65% in Q3 2020 when compared to Q2 and nearly matched the combined amount raised in Q1 and Q2.

It’s impossible to know what caused the surge in investment but the report states that it’s potentially due to a combination of two factors: deals that were delayed in Q2 as investors evaluated market prospects, and transactions that were put on hold as a result of COVID-19 but re-ignited in direct response to the pandemic’s potential long-term effects on work.

Either way, VCs’ interest in the HR tech space is unlikely to go away.

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