Exciting Times in Miami: Remote Work Continues to Thrive
If you’re in Miami, you might notice the winds of change blowing right through the tech scene. And no, it’s not just the tropical breeze! With the pandemic years well behind us, remote work isn’t just hanging around—it’s here to stay! This is great news for companies like Oyster, a Payroll and HR platform that has made a name for itself by specializing in remote and distributed workforces. So how’s Oyster making waves? Let’s dive into the details!
Oyster’s Major Milestone
Recently, Oyster celebrated the close of its impressive $59 million Series D funding round. This round was led by none other than Silver Lake Waterman, pushing Oyster’s total money raised to a whopping $286 million. And here’s the kicker: the company’s valuation has now climbed to $1.2 billion, a rise from the $1 billion it was valued at back in 2022. Talk about hitting all the right notes! In a time when many tech companies are grappling with downgrades in their valuations, Oyster has managed to hold its own quite impressively.
A Look Back at the Journey
Let’s rewind a bit. Back in 2021, remote work was in full swing as the pandemic reshaped work dynamics. It was during those unprecedented nights and days that Oyster secured its $50 million Series B, valued at $475 million. Fast forward to now, and the remote and hybrid work scene has not only stabilized but exploded in popularity—resulting in Oyster’s impressive growth trajectory. CEO and co-founder Tony Jamous points out that despite all the economic resets lately, the business has jumped more than 7x in just two years and has improved its margins too.
What Makes Oyster Stand Out
So, what gives Oyster its unique edge in a sea of competitors? Well, the company primarily focuses on making it easier for businesses to pay remote workers, especially in emerging markets. They essentially take on the role of employer for companies looking to hire talent abroad—taking care of everything from onboarding to payroll. In fact, they noted that over 40% of the workers employed through their platform are based in emerging countries. This year alone, they remitted “hundreds of millions” to these workers. Talk about showing some love to global talent!
Big Plans Ahead
With the fresh funding, Oyster is looking to further develop its platform and expand its offerings. In the past year, they have rolled out a slew of exciting new products, such as Global Payroll, Visa Sponsorships, and local compensation insights that help businesses navigate hiring across over 180 countries. They’ve even added a no-code feature that lets clients offer global hiring right from their own HR systems. Hot community partners include BambooHR, Quora, and Printify.
The Global Employment Trend
Jamous also touches on an intriguing trend he calls a “shift to global employment.” He believes this approach will help “reverse brain drain” from developing countries and retain local talent. For him, what sets Oyster apart from huge competitors like Deel—valued at a staggering $12 billion—is the laser focus on cross-border employment without branching too much into HR services. This allows them to provide perfectly tailored tools for businesses wanting to tap into global talent without stepping on the toes of their in-house HR teams.
Conclusion: A Bright Future
In a world where many major companies are facing a challenging financial landscape, it’s refreshing to see a startup like Oyster not only maintain its valuation but thrive. With hopes of democratizing job opportunities globally, the company is on a promising path to make a lasting impact. The remote work genie is definitely out of the bottle, and it looks like it’s here to stay!
