Highland Capital Partners led Remote Year’s Series A funding, where the company raised $12 million. The Chicago startup, founded by Greg Caplan, announced the funding round on Medium.
The company started two short years ago when it asked people “Who’s crazy enough to join us on a year-long journey around the world?”
The idea picked up traction, and now the company has brought together over 500 traveling professionals who have worked over 150,000 hours in 25 countries around the world. The trend of working remotely has picked up across the world, and Remote Year aims to prove that great work can be done anywhere – even while traveling the world.
Additional investors in the funding round include Jesse Middleton, WeWorks Labs co-founder and Nate Blecharczyk, co-founder of Airbnb.
The company began with a group of 75 people that worked abroad together as a group. The initial response led to 25,000 applicants that signed up for the company’s offer. The company has expanded to six programs with a total of 500 traveling professionals working remotely.
Caplan states that the company plans to expand their team of 85 people to build their own physical infrastructure. The company’s employees all work remotely.
Participants pay a $5,000 down payment and $2,000 per month for all of their living, workspace and travel accommodations. The company works to ensure that there are different programs for different work hour needs. Remote workers that need to work standard U.S. hours will not go to Asia, for example.
All participants must find their own employment, but Remote Year has alliances with 100+ companies and 20+ Fortune 500 companies that have allowed their employees to work remotely.
The company recently opened the first co-working space in the town of Split, Croatia that allows for successful remote employment. The company will invest in more infrastructure like the co-working space and attempt to further connect remote workers to the communities they visit.