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Remote working tech startup Boundless raises €2.5m in seed funding

The company lets employers hire workers from abroad while being fully in compliance with all tax, employment and regulatory laws.

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Dee Coakley, co-founder and CEO of Boundless

Dee Coakley, co-founder and CEO of Boundless

Dee Coakley, co-founder and CEO of Boundless

Boundless, the Irish remote working compliance firm, has raised €2.5m in seed funding.

The company is co-founded by CEO Dee Coakley, CTO Emily Castles and CSO Eamon Leonard.

It allows employers to hire people in other countries while respecting all employment, tax and regulatory rules.

The new funding round, led by US-based Fyrfly Venture Partners and London-based Ada Ventures, brings the startup’s total funding to €3.6m.

Boundless’s funding comes as some large companies begin allowing workers to live abroad. Last month, Facebook said that a portion of its Irish staff could live in the UK and seven other EU countries from next year. Elsewhere, companies are complaining about the difficulty of getting staff because many potential workers returned to their home countries during the pandemic.

Boundless claims that remote working now represents “a multi-trillion euro market as a result of the pandemic”.

It is currently active in 16 countries and says it plans expansion into a further 19 by the end of the year.

It is also a rare example of a funded Irish startup to have a female CEO and a female CTO.

CEO and co-founder Dee Coakley said that “thousands” of companies that hire remotely are breaching local employment laws whether they know it or not.

“From failing to register workers in the proper jurisdiction through to incorrectly hiring people as contractors to perform permanent roles, these worries are being felt across the entire leadership team,” she said.

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“Employment laws, tax codes and statutory benefits all differ from country to country. Cultural norms around working also vary significantly. Overlooking or misunderstanding these norms only makes it more challenging to recruit and retain talent.”

Boundless’s service combines becoming the legal employer of staff, using an ‘employer of record’ model, with technology to make sure companies employ staff in compliance with local laws and tax rules.

It also claims to build benefits and insurance packages to allow companies tailor offerings for competitive talent acquisition.

It charges client companies 8pc of “total monthly processed payroll”, including gross salary payment, pension contributions, other benefits and employer taxes, depending on jurisdiction.

The newly-raised cash will fund new hires in engineering, marketing, legal, HR and sales

“More than half of our current portfolio has at least one female founder, so it’s fantastic to back another female-led company that has the potential to become a global leader,” said Matt Penneycard, a partner at Ada Ventures.

“While this is undoubtedly a hot sector with well-funded and talented competitors, we believe Boundless has the most robust approach for building a very large business over the long term.”


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