What Is Ontop?
The company was founded by Colombian entrepreneurs Santiago Aparicio and Julián Torres Gomez. Notably, before launching this recruiting company, the duo launched Fitpal, a fitness startup, together in 2015. That business grew to be the largest network of fitness and wellness services in Colombia, with over 700,000 registered users.
Ontop was launched a few years later in 2020. The COVID-19 pandemic had a major impact on the business world: major companies like Twitter, Facebook, and Amazon have said they won’t make workers go back into the office. Noticing an increasing turn toward remote work and the trend of companies hiring more global talent, the duo came up with the idea for Ontop. The goal of the company is to help with the tax, onboarding, and payroll management of international teams.
“We were born in the middle of the pandemic when remote work was exploding and evolving in ways where emerging countries become clusters for talent for developing markets,” Aparicio, who now serves as the CEO of the company, said in a recent interview. “We have been seeing this for a while in countries like Colombia and Argentina, and it is here to stay.”
Ontop Money and Funding
Though it has only been around for a year, Ontop has already raised $6 million for its recruiting business, according to investment tracking platform Crunchbase. In October 2020, the startup raised $300,000 in a pre-seed round led by Magma Venture Partners, a leading Israeli venture capital firm.
Then, the recruiting company pulled in another $1.2 million in December in a separate pre-seed round. This burst of funding for the international recruiting business included US-based Clocktower Technology Ventures, the H20 Capital Innovation Fund, and Soma Capital.
The round closed this month — the biggest to date for the Colombian startup — involved both return and new investors interested in the company. ClockTower, H20 Capital, SOMA Capital, and Magma Venture Partners all helped funnel the $4.5 million to the business. Meanwhile, Point72 Ventures led the round, while Founders Club and Supernode, as well as some angel investors, also funded the company.
The Future of the Company
The recruiting startup already claims to have relationships with over 200 clients and functions in more than 150 countries. The founders say their business already works with clients like Rappi, Ayenda Hoteles, Ifood, Truora, Laika, Chiper, Simetrik, and Treble.AI. The main focus of the company so far has been to help small and medium-sized companies hire Latin America talent. However, the business also provides workers with remote opportunities in the US, Europe, and Asia.
With the money from its seed round, the recruiting company plans to advance its technology, rolling out additional payments and banking capabilities. While focusing on expanding its customer base, the startup is also working on creating a credit card that will enable workers to save and spend directly without having to deal with wiring local money into their accounts. The business has already had a pandemic boost and plans to continue to seize that momentum.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.