Home / Articles / Oyster, an HR platform for distributed workforces, snaps up $50M on a $475M valuation

Oyster, an HR platform for distributed workforces, snaps up $50M on a $475M valuation

The future of work is long on long-distance, and today a startup that’s built a platform to help organizations hire global talent and build out those remote workforces is announcing a round of funding on the heels of strong growth. Oyster — which provides tools to help with hiring, onbo…

  • Posted on 31st Aug, 2021 08:56 AM
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Oyster, an HR platform for distributed workforces, snaps up $50M on a $475M valuation Image

The future of work is long on long-distance, and today a startup that’s built a platform to help organizations hire global talent and build out those remote workforces is announcing a round of funding on the heels of strong growth.

Oyster — which provides tools to help with hiring, onboarding, payroll, benefits and salary management services for both contractors and full-time employees working outside of an organization’s home country — has closed a Series B of $50 million.

We understand that the funding is coming in at a $475 million valuation, six times the company’s valuation when it last raised money — a $20 million round just four months ago. The company itself has seen business grow “exponentially” since then, said Tony Jamous, London-based Oyster’s CEO who co-founded the company with Jack Mardack. The company now works with 80 large businesses, he said, helping them fill knowledge worker roles.

Stripes is leading the Series B, with previous backers Emergence Capital and The Slack Fund, as well as new investor Avid Ventures, also participating.

Jamous told me back in February that the idea for building Oyster was planted when he was working at his first startup, Nexmo (which eventually he sold to Vonage), after being faced with the challenges of hiring talent internationally, and specifically the millions the company invested to build out the infrastructure to do so itself, as every country has very specific procedures for employing people and handling all of the contractual, tax and regulatory details related to that.

Oyster, an HR platform for distributed workforces, snaps up $50M on a $475M valuation View Story