Video

Announcing our $50M series B funding round

A major milestone for Oyster.
June 22, 2021
Tony Jamous
Announcing our $50M series B funding round

We are thrilled to announce we’ve raised $50M in Series B funding, led by Stripes with the continued participation of existing investors Emergence Capital, and The Slack Fund, and with the addition of Avid Ventures.

Fresh off the heels of our $20M Series A just this past February, this is a major milestone for our rapidly growing company, and a signal to the market that the future truly is distributed.

At Oyster we’ve created the world’s first distributed HR platform, allowing companies to hire, employ, and retain talented employees around the world. We’re on a mission to remove the barriers to global employment so that talented people across the globe can increase their employability no matter where they are.

Our solution is simple. With Oyster, companies can build their distributed teams across borders with ease and confidence. How? The Oyster platform manages local legal compliance, payroll, benefits, and other critical human resource needs specific to every country.

Right now we enable companies to hire, pay, and take care of employees in 180+ countries worldwide. And this new investment will allow us to continue to empower globally distributed companies to succeed on the world stage.

As a mission-driven company, the support of investors will allow us to expand our services and offer an end-to-end human experience. By making global HR a delightful experience, we can lower the barrier to people hiring outside their own country and enable talent around the world to benefit from increasing their employability.

Investors like Stripes, Emergence Capital, Slack Fund, Connect Ventures, and Avid Ventures, among others, share in our passion and vision for the future of work and we are honored to partner with such forward-thinking companies.

This announcement coupled with Oyster’s dramatic growth in the last year catapults us into the upper echelon of global HR platforms, and we couldn’t be more excited. Here’s a look at our progress so far:

  • Our team has grown by 5X and our customer base has grown by 8X so far in 2021
  • Our revenue has increased by 6X since the beginning of the year
  • We’ve expanded our distributed HR offerings to include multiple modes of employment (for both Contractors and Full-Time Employees) and an assortment of benefits catering to the special needs of distributed teams.
  • We’ve expanded our country coverage to 91 countries which account for more than 95% of the employable knowledge workers of the world. Those countries include India, Egypt, Peru, the Philippines, Lebanon, Thailand, Nigeria among others from the developing world.

Needless to say, it’s been an incredible year. And we’re just getting started. A huge thank you to all of our people, in 29 countries across the globe (and counting!) and to our customers for choosing Oyster to make the world a better place.

Check out our funding announcement video below:

Interested in joining Oyster? Apply for one of our open positions and join the movement.

You can also attend Ascent by Oyster, a two-day virtual conference on July 14-15, 2021 to learn more about the future of HR.

About Oyster

Oyster is a distributed HR platform designed to enable visionary HR leaders to find, hire, pay, manage, develop and take care of a thriving distributed workforce. It lets growing companies give valued international team members the experience they deserve, without the usual headaches or the expense.

Oyster enables hiring anywhere in the world with reliable, compliant payroll, and great local benefits and perks.

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