3 reasons why Flyer One Ventures invested in RemotePass

By Elena Mazhuha, partner at F1V

Startup RemotePass, which develops an all-in-one platform for managing remote teams, raised a $5.5M Series A round led by Istanbul-based 212 VC in March 2024.

Other investors include Flyer One Ventures, Endeavor Catalyst, Oraseya Capital, Khwarizmi Ventures, the Swiss Founders Fund, Access Bridge Ventures, and A15.

Here are three reasons why F1V invested in RemotePass.

Reason #1. Co-founded by serial entrepreneur with an exit

RemotePass was founded in late 2020 by Kamal Reggad, Karim Nadi, Azeddine Ajebli — all of them have a great track record in the startup business.

Reggad is a serial entrepreneur with over 15 years of experience in tech. In 2011, he launched Hmizate, Morocco’s first e-commerce platform which he sold in seven years. The company was featured in the Forbes list of the top 100 startups in the Arab world. At RemotePass, he’s a CEO.

Nadi has worked for over 15 years as a sales and business development executive, including for Salesforce, Criteo, Thomson Reuters, and Zoopla. He led sales and expansion at Krux, which was acquired by Salesforce. At RemotePass, he’s the head of sales.

Ajebli is the startup’s chief technology officer. He’s worked for 15 years in tech roles, including for Hmizate.

Founders with such backgrounds know well how to lead and grow a startup. Such a strong founding team was one of the main reasons F1V invested in the startup.

Reason #2. RemotePass operates in 150 countries and works with Spotify, Logitech

RemotePass develops an HR and fintech platform that helps companies onboard, manage, pay and retain remote workers. The company simplifies global hiring for clients in over 150 countries, with Spotify, Paymentology, and Logitech among them.

In total, the company has already served over 600 companies and 8,000 remote workers in emerging markets. In Q4 2023 alone, it signed over a thousand new contracts.

In the first two years, RemotePass had a 35% monthly growth rate. In 2022, its revenue grew 10 times year over year. Between 2022 and 2023, the company doubled its revenue.

Reason #3. Huge market, expected to reach $919B by 2028

The pandemic turned the global labor market upside down, forcing businesses to adopt remote working. Today lots of tech companies benefit from building hybrid — or even completely remote — teams. It allows them to save money and hire talents worldwide.

Organizing remote work, however, is a headache. It’s hard to arrange onboarding, cross-border payments, and give all the workers convenient access to perks. This caused a huge demand for startups that offer tools for remote work management.

RemotePass’s founders experienced all the mentioned troubles firsthand: Their previous startup, SafarPass, had a remote team consisting of 18 people from different countries. So, they built RemotePass knowing all the pains and needs of their potential clients.

Remote teams often prefer the contractor model due to its flexibility. Meanwhile, the global gig economy market was valued at nearly $414B in 2022 and is projected to grow at a CAGR of 14.22% a year, reaching up to $919B by 2028.

If you are an early-stage startup founder building a company that aligns with our investment thesis and seeking to raise funds, you can send your pitch F1V: Use our Typeform. Hope we can work together.

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