Total amount raised
$19 Million
Latest funding date
10/01/2022
Location
Skuad has successfully raised funding through three rounds, with notable investors including Anthemis and BEENEXT. The platform, now rebranded as Payoneer Workforce Management, offers comprehensive HR solutions for global teams, automating payroll, compliance, and taxation.
Keep reading to explore the intricacies of Skuad's fundraising journey and the investors backing this innovative platform.
What Is Skuad?
Skuad, now part of Payoneer Workforce Management, is a global HR platform that simplifies employment for businesses worldwide. The company offers services such as global hiring, payroll, contractor payments, visa and immigration support, compliance with employment laws, and background verification.
Based in Singapore, Skuad operates as a private entity with a workforce of 101-250 employees. The platform supports managing employees and contractors in over 160 countries, ensuring compliance with local laws and providing country-specific benefits packages.
How Much Funding Has Skuad Raised?
- Seed Round
- Amount Raised: USD 4,000,000
- Date: December 2020
- Lead Investors: BEENEXT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's foundation and support initial growth.
- Series A Round
- Amount Raised: USD 5,000,000
- Date: April 2022
- Lead Investors: Mindlance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and enhance global reach.
- Series A Round
- Amount Raised: USD 10,000,000
- Date: October 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and finalize the acquisition of Codejudge.
Total Amount Raised: USD 19,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Anthemis
- Details: Anthemis is a venture investment firm that focuses on financial services and technology. They participated in Skuad's Series A funding round.
- Investment Focus Areas: Financial services, fintech, insurance technology
- Notable Investments: Betterment, Simple, eToro
- BEENEXT
- Details: BEENEXT is an early-stage venture capital firm that invests in technology companies. They were involved in Skuad's seed funding round.
- Investment Focus Areas: Technology companies in Southeast Asia, India, Japan, USA
- Notable Investments: Zilingo, NoBroker, Trusting Social
- Mindlance
- Details: Mindlance is a staffing and workforce solutions firm. They led Skuad's Series A funding round in April 2022.
- Investment Focus Areas: Workforce solutions, staffing, HR technology
- Notable Investments: Not publicly disclosed
What's Next for Skuad?
With the recent US$15 million Series A funding and the acquisition of Codejudge, Skuad is poised to capitalize on significant opportunities in the tech and AI sectors. The integration of Codejudge's capabilities will enhance Skuad's platform, making it more attractive to businesses looking for comprehensive HR solutions.
As the company scales, future fundraising rounds are likely, given the growing interest in AI and tech innovations. However, Skuad will need to navigate challenges such as integrating new technologies and managing increased competition in the global HR market.
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