As the global workforce continues to shift towards remote work, companies are facing a complex challenge: managing employee benefits for contractors and employees in different countries. Karen Serfaty and Gianina Rossi, two engineers from Argentina who have worked with U.S.-based companies for over 10 years, identified this issue firsthand. They joined forces with San Francisco-based Josefina Van Thienen, a former Microsoft executive specializing in AI strategic partnerships, to tackle the problem.
The Issue of Global Employee Benefits
"When you’re working from Europe, Asia, or Latin America, you are usually getting paid in U.S. dollars, not your local currency," Serfaty, CEO of Atlas, explained to TechCrunch. "You try to go to your HR manager for help in sending the money to a bank account, and the answer is usually ‘no.’"
The Birth of Atlas
Frustrated by the lack of solutions, the trio founded Atlas in 2021 from Argentina. Latin America has become a hotbed of global remote talent, Serfaty noted. The employee benefits market itself has experienced significant growth, particularly during the pandemic when there was a surge in remote hiring.
How Atlas Works
Through Atlas, companies can manage their contractor benefits from one place. The platform offers various benefits, including tax management, health insurance, and social perks. A marketplace of customizable benefits allows companies to tailor their offerings to specific contractors or employees.
Growth and Recognition
Since launching the platform in March 2023, Atlas has designed proprietary features, incorporated hundreds of benefits, and expanded its presence to cover 26 countries in the Americas and Europe. During this time, the company grew its revenue 2x and is close to an annual recurring revenue of $1 million.
Investor Interest
Investors have taken notice of Atlas’s success. The company raised $2.75 million in seed extension funding, led by Hi Ventures (formerly ALLVP), with Oskar Hjertonsson, founder of Cornershop, also participating. Additional backers include Jason Calacanis and Pioneer, who invested in the seed round.
Traction and Future Plans
"We are seeing a lot of traction from customers, including bigger customers, with no churn, so we’re seeing a lot of stickiness," Serfaty said. "The goal is to now grow our U.S.-based companies with global reach."
As companies struggle to retain talent, employee-benefits startups may be less likely to face cost cuts.
Atlas’s Expansion Plans
The company aims to expand its services to more countries and develop new features to further simplify global employee benefits. With its growing traction and revenue, Atlas is well-positioned to become a leader in the employee benefits market.
Key Takeaways
- Atlas is a work benefits tool for global companies to manage contractor benefits from one place.
- The platform offers tax management, health insurance, social perks, and customizable benefits through its marketplace.
- Atlas has grown its revenue 2x since launching in March 2023 and is close to an annual recurring revenue of $1 million.
- Investors have taken notice, with the company raising $2.75 million in seed extension funding.
Atlas’s success demonstrates the growing importance of employee benefits for global companies. As the remote workforce continues to expand, Atlas is poised to become a leading solution for managing contractor benefits worldwide.