North Macedonia’s labor payment platform Native Teams closes €2 million funding round led by Bulgarian venture capital fund Eleven companies. The round was joined by other leading funds, including Croatian fund Fil Rouge Capital, UK fund Haatch Ventures and US fund Quake Capital. It is one of the largest funding rounds for a tech startup in North Macedonia.
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Indigenous teams is the first financial platform that helps freelancers and remote workers (as well as their employers or clients) manage work payments while remaining compliant with local laws. The company focuses on the modern employee, where the benefits of localized workplace compensation also include other core benefits such as access to healthcare, retirement plans and basic tax compliance.
The financial platform includes billing tools and payment request options, a multi-currency wallet and a Visa card. These are combined with employment as a service style feature that allows any user to have an “employer of record” in their country of tax residence.
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Founded in 2020 in Skopje, Native Teams is now available in over 30 countries. The company has grown rapidly since then, marking 10x revenue growth in the first half of 2022 compared to the end of 2021. Native Teams currently has over 60 team members, based primarily in the Balkans but also in their target countries – from Portugal to Azerbaijan – to provide real “on the ground” support to customers.
The new investment round will enable Native Teams to continue its rapid growth trajectory, with a particular focus on localizing its services in even more markets before a full global rollout in 2023. This increase has already seen the launch of indigenous teams in Nigeria, in a first foray beyond Europe, and the team will soon introduce its first location in South America.