Flyer One Ventures invests in RemotePass during $5.5M round

Ukrainian VC firm Flyer One Ventures has announced its next investment, joining a $5.5 million Series A funding round in RemotePass, a UAE-based HR/fintech platform. Istanbul-based 212 VC was the lead investor, while F1V participated as one of the co-investors.

About RemotePass

  • Founded in late 2020 by Kamal Reggad and Karim Nadi, RemotePass develops and builds an all-in-one platform for companies to onboard, manage, and pay remote workers. The platform serves a range of clients, from startups to large enterprises, including Spotify and Logitech, facilitating hiring contractors and full-time employees in more than 150 countries.
Image: RemotePass
  • According to the company’s CEO, RemotePass grew 2x in revenue between 2022 and 2023, serving over 600 companies and 8,000 remote workers in emerging markets. Before the current round, the company managed to secure $5.4 million in venture capital to boost its customer and revenue growth.

Investment details

  • The Series A round was led by 212 VC, an Istanbul-based VC firm investing in growth-stage tech companies across Turkey, CEE, and MENA.
  • The round was joined by participating investors Endeavor Catalyst, Khwarizmi Ventures, Oraseya Capital, Access Bridge Ventures, A15, and the Swiss Founders Fund.
  • Flyer One Ventures, a Ukrainian early-stage VC fund investing in B2B SaaS and consumer startups in Europe and North America, also participated in the funding.

I’m glad we met the company’s incredible founders Kamal Reggad and Karim N. and got to know each other. The guys are super experienced. Reggad has already sold one company, his e-commerce brainchild Hmizate. Nadi is ex-Salesforce, ex-Criteo, and ex-Krux (acquired by Salesforce). They are game-changers, and I look forward to seeing them grow,

Vital Laptenok, CEO at Flyer One Ventures, commented on his LinkedIn page.
  • Following the round, the total capital raised by RemotePass has surpassed $10 million.

What’s next?

The fresh growth capital enables RemotePass to focus on enhancing its product for enterprise use and expanding its presence in Saudi Arabia through product localization and increased business engagement.