- British-Macedonian startup Native Teams raised €6.2 million in a new funding round, led by existing investors Eleven Ventures and Fil Rouge Capital and new investors MFG Invest, Begin Capital, plus others.
- The investment will fuel the enhancement and expansion of their offering in the US, India, and the wider Asian region.
- Founded in 2020, the company has expanded to over 65 countries and has a team of more than 200 employees
The investment highlights the Native Teams’ dedication to enhancing their financial services platform for better product performance in their key markets, as well as the further expansion of the business into Asia.
Native Teams stands out in the growing Employer of Record (EOR) sector by offering a flexible, transparent, and “employee-first” approach, bridging the gap between traditional EOR providers and general payment platforms.
“We are delighted to announce the closing of this pre-series A investment round. It’s a testament to the progress our team have made over the last year as we bring Native Teams’ simplicity and transparency to power work payments of so many more users around the world. We are lucky to have some exceptional, like-minded investors join us on our journey to advance and update remuneration for the new world of work,” said Aleksandra Mitrevska, co-founder and chief evangelist at Native Teams.
According to the company’s CEO, Jack Thorogood, the market opportunity ahead of Native Teams is probably the biggest sector imaginable – redefining payments for work.
“This funding round lets our capital-efficient business take the next important steps as we serve ever-broader market segments, to a greater extent, and in a growing number of countries,” Thorogood added.
According to one of the leading investors in the round, Eleven Ventures, “the advancements of fintech and AI are in the tailwind of Native Teams, significantly accelerating its adoption on global scale”.
“As the world is getting more and more decentralized, so does employment. One is no longer tied to a single occupation, more people will start building portfolio jobs in the future. This trend requires cutting edge technology that could handle the increasing complexity in managing work related matters including payments. This is what we’ve been working on together with Native Teams in the last couple of years and we are confident that the company is well positioned to become the leading global platform for managing your portfolio jobs,” Daniel Tomov, founding partner at Eleven, told IT Logs.
