Four months after announcing its last round, Employment Hero has closed another $140 million AUD (about $103 million USD) in funding. The Series E was led by Insight Partners, the venture capital firm known for its ScaleUp program to help tech companies accelerate their growth.
Employment Hero is an automated human resources, payroll and benefits platform for SMEs. Founded in Sydney in 2014, the company is now expanding into Southeast Asian and Western European markets. Its previous funding announcement was a $45 million AUD Series D announced in March, led by online job platform SEEK, at the company’s previous valuation of about $250 million AUD.
Now Employment Hero has bumped up its valuation $800 million in less than six months by reaching 133% year-on- recurring revenue growth. Co-founded by Ben Thompson, its chief executive officer, and chief technology officer Dave Tong, Employment Hero is used by 6,000 businesses, with a total of 250,000 employees. Over the past 12 months, the company says $14 billion in gross wages was processed through the platform.
“We always thought Insight Partners would be a great partner,” Thompson told TechCrunch. “We had been speaking with them for years, so when they asked if we would consider raising, we agreed it was definitely worth exploring. As it turned out all the stars were aligned, and we reached a deal that made sense and allowed us to (Read more...)