London-based work payments platform for freelancers, remote workers, and businesses, Native Teams, has raised €6.2 million in a new funding round to accelerate its growth in the US, India, and wider Asian region. The investment came from the startup’s existing investors, Bulgarian Eleven Ventures and Luxembourg-based Fil Rouge Capital. New investors such as MFG Invest and Begin Capital joined as well.
- Native Teams was founded in 2020 by Jack Thorogood and Aleksandra Mitrevska. This is an online platform that provides companies, remote workers, and freelancers with worldwide employment options. Native Teams offers a customizable set of functions for successful global work by combining global mobility solutions, tax administration, legal employment, and simplified payments.
- Within 4 years of working, Native Teams is already operating in over 65 countries with a global team of more than 200 employees across their target markets.
“The market opportunity ahead of us 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," said Jack Thorogood, CEO and founder of Native Teams.
- One of Native Team’s existing investors is Eleven Ventures, which is one of Southeast Europe's top early-stage venture capital funds. Having made investments in firms since 2012, it focuses on fintech, healthcare, the future of work, and sustainable food. Eleven has invested in a number of startups, including the most recent — Perfeqt, MyTeam, True Insights, and FlatAway that totally got €1.2 million from the fund.
- Fil Rouge Capital backed Native Team in 2022 for the first time. The fund has around 150 startups in its portfolio and €48 million AUM. FRC invests in early-stage startups, with ticket ranging from €10,000 to €3 million.
- The new investment will help Native Teams with improving its financial services platform performance in its key markets and to accelerate the company's expansion into the US, India, and Asian countries.
