A Note from Oyster CEO Tony Jamous on our Series D Fundraise

Today, I am thrilled to announce that Oyster has successfully raised $59M in Series D funding, with participation from existing investors. 

When we founded Oyster in 2020, amid the pandemic and the sharp rise of remote work, we knew we wanted to do more than just build a product. We wanted to transform a system of work that relied too heavily on talent based in a handful of cities and gave people almost no flexibility in where and how they worked. 

Four years later, we’re still deeply committed to our mission of helping companies everywhere hire people anywhere so they can confidently grow their teams across borders. To date, we’ve raised $286M, an achievement that validates our approach to building the compliance and compensation intelligence infrastructure that companies need to drive global growth.

Transforming global employment systems

Before founding Oyster, I was in the same position many of our customers are in today. I was the CEO of a fast-growing software business turning to global talent to help achieve our ambitious growth goals.

When I began to hire global talent for the business, what I found was a complex and multilayered employment landscape that favored large companies with endless resources to set up and maintain their own entities. 

Navigating this complicated system inspired Jack Mardack and me to launch Oyster, so we could help companies access global talent and help talented individuals worldwide access better opportunities.

Today, I’m incredibly proud of what we’ve built at Oyster and what we have on the horizon. 

• We’ve worked hard to build a compliance infrastructure so that whether you’re hiring in Buenos Aires, Berlin, or Beirut, you’re compliant around the world without needing to set up an entity.
  
  
• Our Global Payroll and Visa Sponsorship products empower businesses by supporting talent mobility and providing a robust payment architecture for cross-border teams.
  
  
• Our deep country-level intelligence ensures that customers receive a specialized global employment experience—not a transactional one.

I’m grateful and optimistic that Oyster can play a part in clearing the path for both companies and talent to experience a world of work that is more global, flexible, and equitable.  

Increasing our impact through our growth 

During my many conversations with investors this past spring, I frequently heard that Oyster’s mission continues to set us apart. I believe this as well. 

From day one, Oyster has been a mission-driven company with impact at the heart of what we do. The more we grow, the greater impact our work has on talent based in emerging markets.

Since our Series C raise, we’ve become a B Corp, one of only 20 unicorn companies in the world to 

achieve this certification. And every year, we release an Impact Report to hold ourselves accountable to the communities around the world that benefit most from more equitable systems of work.

Today, 40% of our customer team members are based in emerging markets. That means 40% of people hired through our platform are accessing career opportunities that might have been inaccessible to them in the past. This opportunity opens the door for first-time benefits access, home ownership, and further career development.

And it’s not just the volume of hires that makes a difference. It’s the amount of foreign direct investment through salaries paid that moves the needle. In 2023 alone, Oyster facilitated $107M in payments to full-time employees and contractors based in emerging markets. 

At Oyster, our mission starts at home. We’ve grown our company to 550+ employees based in 60+ countries, and we understand our customers’ goals because we’ve chosen to grow our own teams with the help of fully remote, fully distributed talent from all corners of the world. 

My proudest moments as CEO of Oyster have involved hearing how our employees’ outlooks on their lives and careers have changed thanks to the opportunity to grow, no matter who they are or where they live. It’s the core of what we do, and that’s why we’re committed to driving this change globally. 

The future of work is global 

Today, my belief in global employment as the future of work is stronger than ever. I’ve seen companies from startups to enterprises choose Oyster as the first step in their global employment journey. I’ve also seen firsthand the power and potential of distributed teams that have transparency, trust, and flexibility woven into the DNA of their company.

For us, this Series D fundraise is an important milestone. This latest round of investment will enable Oyster to continue to serve our diverse and global customer base, providing the compliance, support, and intelligence infrastructure we’ve become known for. It will also empower us to accelerate our roadmap, scale our impact, and remain the first choice for employers looking for a specialized global employment experience. 

I continue to be proud of Oyster and what we’ve accomplished in four short years. I want to thank everyone who has been a part of this journey—from Pearls all over the world to customers, investors, partners, and friends. We’re thrilled and excited for the impact we’ll continue to have on the world of work with your support.