Turkish fund leads $5.5M investment round in HR, fintech firm
TÜRKİYE’S first venture capital fund, 212, has invested in RemotePass, a human resources and financial technology company that enables companies to recruit, manage and pay remote workers.
RemotePass, aiming to discover talents in the Middle East and North Africa (MENA) region and connect them with the right companies, anticipates rapid growth in the Turkish market with this investment.
With a track record of investing in growing technology companies for 13 years and leading Türkiye’s entrepreneurship ecosystem, 212 is also focusing on startups in Central and Eastern Europe, as well as the MENA regions.
RemotePass secured a $5.5 million investment in a Series A funding round led by 212. Alongside the Istanbul-based fund, other participants in the investment round included Endeavor Catalyst, Khwarizmi Ventures, Oraseya Capital, FlyerOne, Access Bridge Ventures, A15, and Swiss Founders Fund.
With the investment, the United Arab Emirates-based company has reached a total investment size of $10 million. It aims to provide employers with convenience through services such as multi-currency expense management, insurance, card products for employees, leave tracking and bulk salary payments.
FROM CUSTOMER TO INVESTOR
Ali Karabey, co-founder of 212, emphasized the potential rapid growth of RemotePass in the Turkish market with the investment and said they see the platform as a key player in reshaping the future of business in the Middle East and Africa.
“The product growth and customer service displayed by RemotePass in 2023, after its pivot, truly impressed us and further strengthened our confidence in its team and business model. In fact, we were originally customers of RemotePass, using their services in our operational processes. We later decided to participate in investment rounds,” said Karabey.
“Unlike similar initiatives focusing on America and Europe, RemotePass distinguishes itself by targeting specifically the Middle East and North Africa regions. It aims to streamline bureaucratic processes, often lengthy in these regions, and facilitate company establishment, insurance and human resources processes for remote workers.”
NEW FEATURES
Kamal Reggad, co-founder and CEO of RemotePass, outlined their plans following the investment, saying the company aims to utilize the capital to increase its visibility and expand its operations in the Middle East, North Africa and Türkiye.
“We continue to work on expanding our customer portfolio in Türkiye, including brands like Insider. Additionally, we plan to add new features such as gift cards and marketplaces to our ‘super app,’ which offers solutions for employees under one roof. For companies, we will provide easy access to various payment options tailored to the needs of remote workers in the global market, including dollar/euro bank cards and private health insurance, through a single application.”