Tencent co-leads $120m round of SaaS employment firm

Tencent has co-led a US$120 million financing round in UK-based Omnipresent, a SaaS-based employment firm. European investor Kinnevik also participated in the series B round.

The Omnipresent team / Photo credit: Omnipresent

Uncorrelated Ventures, a San Francisco-based investor, also took part in the round, along with other investors from Asia, Europe, and the Americas.

Omnipresent offers a client-focused service to help businesses hire global talent. OmniPlatform, its proprietary digital platform and SaaS product, can manage employee onboarding and offboarding in over 160 countries, handling compliance, payroll, expenses, and benefits, among others.

“At a time when companies need to secure the best talent, they’re looking to benefit from the quality and diversity of a global workforce,” said Omnipresent co-founder Guenther Eisinger in a statement. “But there are challenges to operating globally, from dealing with local labor laws to payroll taxes and employee benefits.”

See also: Alibaba, Tencent’s SEA investment spree in 2021

Omnipresent will use the fresh funds to build new products and services and expand into newer markets. The company will also add several hundred new members to its team, which works remotely from around the world.

Tencent has previously backed companies like Tesla, Nio, Didi, GoTo, JD.com, Meituan, Sea, Pinduoduo, Snap, Reddit, Kuaishou, Bilibili, and Futu. However, the tech giant divested its stake in JD.com and pared down its stake in Sea Group in 2021.