Bulgaria's Eleven leads 2 mln euro seed round for N. Macedonia-founded Native Teams

The fundraising round also attracted Croatia-based fund Fil Rouge Capital and US venture fund Quake Capital, Haatch Ventures said in a recent press release.

The start-up enables employers, freelancers and remote workers to manage work payments while localising them to comply with relevant local legislation. The platform combines a multi-currency wallet with bank-like functionalities and a Visa card, along with for employer of record (EOR) services for tax management.

The fresh funds will allow Native Teams to continue in the short term localise its services for more new markets. Following the seed round, the start-up launched its platform in Nigeria and is preparing to begin services in an as-yet unnamed South American location.

Founded by CEO Jack Thorogood and Alexandra Mitrevska in 2020, Native Teams has a workforce of over 60 team members, based mainly in the Balkans, and is active in more than 30 European countries, including Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Romania, Slovenia, Serbia and Turkey. Having onboarded its first active users in July 2021, Native Teams saw its revenue grow tenfold between end-2021 and the first half of 2022.

"Native Teams solves a major pain for international workers, freelancers and the companies employing them, as the future of work transformation further accelerates. The partnership between Native Teams and Eleven has been very fruitful so far and we are excited about the road ahead," Daniel Tomov, managing partner at Eleven Ventures, said.

($ = 1.02531 euro)