Cloudstaff Modern Workforce raised $20 million in a Series B round, with an investment from Philippines-focused private equity firm Navegar, the cloud-based workforce provider said in a statement Tuesday.
“Despite the deal closing amidst the disruptions caused by the global coronavirus pandemic, Cloudstaff has continued to thrive using its remote working expertise to help businesses around the world shift to a cloud-based remote working model,” the company said in the statement.
“Throughout the pandemic, Cloudstaff has kept its clients operational, and as the world adopts a new model where remote working is the norm and businesses start to chart their recovery strategies, Cloudstaff’s cloud-based workforce model is more relevant than ever,” it added.
Lloyd Ernst, Cloudstaff founder and CEO, said in the statement the funds would be used to expand the company’s footprint and hire more cloud-based employees.
Globally, there are 3.44 million confirmed cases of the COVID-19 virus, with nearly 240,000 deaths, according to data from the World Health Organization Monday. The outbreak has spurred business disruptions globally as many countries imposed lockdowns leading non-essential workers to work from home, rather than offices.
The global business process outsourcing market was valued at around $92.25 billion in 2019, according to data from Statistica. That was expected to reach nearly $406 billion by 2027, according to a February report by Grand View Research.
Cloudstaff has previously raised around $500,000 in seed funding from Arafura Ventures, Robert Whyte, Bevan Slattery and Trevor Kennedy, according to data from Crunchbase.
Manila-based Navegar focuses on providing growth capital to established companies in the Philippines, with investments in both primary and secondary share offerings.
In February, Navegar said it hit the initial $150 million target for its second fund, with expectations that amount would increase by the final close, then tapped for June.