Exciting Times in Miami: Remote Work Continues to Thrive
If you’re in Miami, you might notice the winds of change blowing right through the tech scene. And no, it’s not just the tropical breeze! With the pandemic years well behind us, remote work isn’t just hanging around—it’s here to stay! This is great news for companies like Oyster, a Payroll and HR platform that has made a name for itself by specializing in remote and distributed workforces. So how’s Oyster making waves? Let’s dive into the details!
Oyster’s Major Milestone
Recently, Oyster celebrated the close of its impressive $59 million Series D funding round. This round was led by none other than Silver Lake Waterman, pushing Oyster’s total money raised to a whopping $286 million. And here’s the kicker: the company’s valuation has now climbed to $1.2 billion, a rise from the $1 billion it was valued at back in 2022. Talk about hitting all the right notes! In a time when many tech companies are grappling with downgrades in their valuations, Oyster has managed to hold its own quite impressively.
A Look Back at the Journey
Let’s rewind a bit. Back in 2021, remote work was in full swing as the pandemic reshaped work dynamics. It was during those unprecedented nights and days that Oyster secured its $50 million Series B, valued at $475 million. Fast forward to now, and the remote and hybrid work scene has not only stabilized but exploded in popularity—resulting in Oyster’s impressive growth trajectory. CEO and co-founder Tony Jamous points out that despite all the economic resets lately, the business has jumped more than 7x in just two years and has improved its margins too.
What Makes Oyster Stand Out
So, what gives Oyster its unique edge in a sea of competitors? Well, the company primarily focuses on making it easier for businesses to pay remote workers, especially in emerging markets. They essentially take on the role of employer for companies looking to hire talent abroad—taking care of everything from onboarding to payroll. In fact, they noted that over 40% of the workers employed through their platform are based in emerging countries. This year alone, they remitted “hundreds of millions” to these workers. Talk about showing some love to global talent!
Big Plans Ahead
With the fresh funding, Oyster is looking to further develop its platform and expand its offerings. In the past year, they have rolled out a slew of exciting new products, such as Global Payroll, Visa Sponsorships, and local compensation insights that help businesses navigate hiring across over 180 countries. They’ve even added a no-code feature that lets clients offer global hiring right from their own HR systems. Hot community partners include BambooHR, Quora, and Printify.
The Global Employment Trend
Jamous also touches on an intriguing trend he calls a “shift to global employment.” He believes this approach will help “reverse brain drain” from developing countries and retain local talent. For him, what sets Oyster apart from huge competitors like Deel—valued at a staggering $12 billion—is the laser focus on cross-border employment without branching too much into HR services. This allows them to provide perfectly tailored tools for businesses wanting to tap into global talent without stepping on the toes of their in-house HR teams.
Conclusion: A Bright Future
In a world where many major companies are facing a challenging financial landscape, it’s refreshing to see a startup like Oyster not only maintain its valuation but thrive. With hopes of democratizing job opportunities globally, the company is on a promising path to make a lasting impact. The remote work genie is definitely out of the bottle, and it looks like it’s here to stay!
Author: STAFF HERE LEXINGTON WRITER
The LEXINGTON STAFF WRITER represents the experienced team at HERELexington.com, your go-to source for actionable local news and information in Lexington, Fayette County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Woodland Art Fair, Crave Food and Music Festival, and Railbird Festival. Our coverage extends to key organizations like Commerce Lexington and Blue Grass Community Foundation, plus leading businesses in education, manufacturing, and technology that power the local economy such as University of Kentucky, Toyota Motor Manufacturing, and Lexmark. As part of the broader HERE network, including HEREBowlingGreen.com and HERELouisville.com, we provide comprehensive, credible insights into Kentucky's dynamic landscape.
