Total amount raised
$19 Millions
Latest funding date
10/01/2022
Location
Skuad has successfully raised funds through a Series A round, attracting six notable investors including Anthemis and BEENEXT. The platform, now rebranded as Payoneer Workforce Management, focuses on automating payroll management, local compliance, and taxation for remote teams globally.
Keep reading to explore the intricacies of Skuad's fundraising journey and the investors backing this innovative HR platform.
What Is Skuad?
Founded in 2019, Skuad is a global HR platform headquartered in Singapore. The company specializes in automating payroll management, local compliance, and taxation for remote teams. It operates in multiple industries, including employee benefits, financial services, human resources, information technology, and SaaS.
Skuad was founded by Dave Fall, Naman Singhal, and Sundeep Sahi. The company has a workforce of 101-250 employees and has recently rebranded as Payoneer Workforce Management. Skuad aims to simplify global employment by offering services such as global hiring, payroll, contractor payments, and compliance with employment laws.
How Much Funding Has Skuad Raised?
- Seed Round
- Amount Raised: $4M
- Date: December 2020
- Lead Investors: BEENEXT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a strong foundation and accelerate initial growth.
- Series A Round
- Amount Raised: $5M
- Date: April 2022
- Lead Investors: Mindlance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance product offerings.
- Series A Round
- Amount Raised: $10M
- Date: October 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To finalize the acquisition of Codejudge and further scale operations.
Total amount raised: $19M. Current valuation: Not publicly disclosed.
Key Investors
- Mindlance
- Details: Mindlance is a staffing and workforce solutions company that provides services across various industries. They focus on delivering talent and workforce solutions to help businesses achieve their goals.
- Investment Focus Areas: Staffing, workforce solutions, talent management
- Notable Investments: Not publicly disclosed
- BEENEXT
- Details: BEENEXT is a venture capital firm that invests in early-stage technology startups. They aim to support entrepreneurs in building scalable and impactful businesses.
- Investment Focus Areas: Technology, SaaS, e-commerce, fintech
- Notable Investments: Not publicly disclosed
Information about other major investors in Skuad was not found in the provided sources.
What's Next for Skuad?
With the recent $15 million Series A funding and the acquisition of Codejudge, Skuad is poised to capitalize on significant opportunities in the Southeast Asia tech ecosystem. The integration of Codejudge's capabilities will enhance Skuad's service offerings, positioning them to meet the growing demand for automated payroll and compliance solutions.
As Skuad scales, future fundraising rounds, such as a potential Series B, could be on the horizon to support further expansion and innovation. However, the company will need to navigate integration challenges and intense competition within the tech sector to maintain its growth trajectory.
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