As a venture-backed startup that navigated hypergrowth by hiring globally, Oyster is passionate about helping other venture-backed startups thrive by expanding across borders and acquiring top talent from around the world.
Our success is fueled by investors like Salesforce Ventures who believe in our mission to create a more equal world by extending access to opportunity to talented individuals everywhere. In addition to being an Oyster investor, Salesforce Ventures became an Oyster VC partner in April 2022, so that their portfolio companies could grow and scale with Oyster and reap the benefits of a globally distributed workforce: increased access to talent, greater diversity, and cost-efficient growth.
As the VC partnerships manager at Oyster, I recently hosted a fireside chat with Channing Nesbitt, Portfolio Development Senior Analyst at Salesforce Ventures, to talk about the value of global hiring for fast-growing companies and how Salesforce Ventures’ partnership with Oyster has benefited their portfolio.
Here are the highlights of our conversation, from why Salesforce Ventures chose to invest in Oyster to the business impact of global hiring on their portfolio companies.
Why Salesforce Ventures chose to invest in Oyster
A commitment to impact
Channing first became acquainted with Oyster while working on the Impact Fund team at Salesforce Ventures in 2022. What stood out to them was not just the timeliness and relevance of Oyster’s product, but also the way it was designed for social impact.
“Oyster hit the market amid the pandemic and presented an opportunity that couldn’t have been more relevant. Their solution addressed a pressing need for remote employment opportunities, providing access to these opportunities to people across the globe, specifically for talent in developing countries. This showed the company’s potential to transform the future of work, while also serving the immediate need that employers were faced with.”
Oyster embodies the Impact Fund’s investment thesis because it combines business success with social impact, and it was able to prove itself very fast, Channing explains.
“We’re always on the lookout for companies that not only promise robust financial returns but also deliver a meaningful, positive impact on society through their innovative solutions. Right from the start, Oyster demonstrated remarkable traction, quickly proving its value in the market.”
An innovative solution
Regarding the solution Oyster offers, Channing notes how well it fits the needs of employers looking to onboard top global talent—without the logistical hassles or compliance headaches.
“What makes Oyster stand out is how it effectively addresses the complexities of international hiring, offering a comprehensive platform that supports companies to employ talent in over 180 countries. This isn’t just about streamlining hiring processes; it’s about providing a suite of services—from consolidating employee documents and onboarding new hires to deploying benefits, managing payroll, and ensuring compliance with local laws.”
Mission-driven founders
Channing recalls that the Salesforce Ventures team and leaders were also impressed by Oyster co-founders Tony Jamous and Jack Mardack, which further influenced their decision to invest in Oyster.
“We really had faith in Tony and Jack as co-founders. Tony’s track record of success, his inspiring journey, and his commitment to impact deeply resonated with our team. When you match that with Jack’s expertise in the nonprofit space, it really showed their commitment to impact. It was clear that investing in Oyster wasn’t just an opportunity to work with a company that had the potential to be successful, but also one that’s committed to positively impacting the world by expanding remote hiring opportunities.”
Measuring Oyster’s social impact
So, how good has Oyster been at actually delivering on its impact thesis?
To find out, the Salesforce Ventures team introduced Oyster to 60 Decibels, an organization specializing in impact measurement. Researchers from 60 Decibels surveyed and interviewed team members hired through Oyster in emerging markets to find out how Oyster had impacted their lives and careers.
“For individuals, Oyster has proven to be a gateway to improving their quality of life,” says Channing. He highlighted the following stats from the team member impact survey:
- 74% of participants report an increase in income.
- 64% report their ability to support their family “very much increased.”
- 64% say Oyster was instrumental in securing their current remote job.
- 60% reported an improved quality of life.
How Oyster creates value for Salesforce Ventures portfolio companies
Salesforce Ventures is not only an Oyster investor, but also an Oyster VC partner—giving their portfolio companies discounted access to a scalable and efficient global hiring solution. We’re pleased that eight Salesforce companies have scaled their teams globally with Oyster, hiring a combined total of 65 team members across 38 countries on 5 continents.
For Channing, the value of partnering with Oyster is first and foremost the ability to scale compliantly across borders.
“By partnering with Oyster, Salesforce companies gain access to a suite of unparalleled services tailored to streamline their global operations. Oyster brings their expertise in HR and compliance, navigating the complex landscape of global employment laws to ensure seamless onboarding and operations processes on a global scale.”
The partnership works, he explains, because of the values shared by the two companies.
“Oyster’s commitment to full trust and transparency aligns seamlessly with Salesforce’s core values, creating a partnership defined by integrity and open communication. This unique blend of services and values makes Oyster an invaluable partner for Salesforce companies looking to expand their global footprint while maintaining the highest standards of operation.”
With Oyster’s global employment platform, Salesforce companies have been able to hire compliantly and scale quickly while also saving significantly on costs. Setting up entities can cost tens of thousands of dollars, and those costs increase exponentially if you’re hiring in multiple countries.
So, how much money, on average, did Salesforce portfolio companies save in their first year by using Oyster instead of setting up entities? We did the math and knew the answer, but I put the question to Channing anyway. Is it $10k? $100k? $500k? $800k?
“The answer is $800k, which I was very pleased to see,” says Channing with a smile.
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