- Australian all-in-one HR, payroll, and Employment Hero secured GBP 75 million in Series E funding.
- This funding round invests Employment Hero GBP 114 million.
- The HR tech platform is now valued at GBP 430 million.
Employment Hero, a comprehensive HR, payroll, and benefits platform based out of Australia, recently bagged GBP 75 million in a Series E funding event.
With the Series E round, the latest investment in the HR tech company adds to GBP 114 million. Also, the company is now valued at an impressive GBP 430 million.
As per reports, the funds will be spent on the growth and expansion of the company’s presence in the international market.
On the solutions front, Employment Hero helps alleviate employment compliance burdens and enables businesses to focus on growth. It also empowers SMEs (small and medium scale enterprises) by offering automated solutions.
Expansion plans in the UK
The Series E investment round was led by Insight Partners, global venture capital, and private equity firm. The company plans to spend a part of the funds to multiply its UK sales force. It also will fast-track expansion efforts into the international and Western European market to strengthen its engineering capabilities and bolster its market-leading platform.
Employment Hero was introduced in the UK market in late 2020 and has already surpassed growth targets on the business front.
The growth graph amidst pandemic
Founded by Ben Thompson and Dave Tong in 2014, Employment Hero currently caters to over 6,000 businesses across the globe and handles more than 250,000 employees. In the financial year (FY) 2020-2021, the HR tech player added approximately 65% to its headcount, thereby creating 325 full-time employees.
Additionally, Employment Hero introduced localized versions of its flagship solution in the UK, Malaysia, New Zealand, and Singapore.
The company entered these markets by offering hyper-local and timely resources and access to pre-built employment contracts and policies that adhere to local employment laws.
What do experts’ say?
Ben Thompson, CEO and Co-Founder of Employment Hero said: “We’ve experienced exponential growth in the past year both in Australia and overseas, and significantly in the UK. Our success in global markets has instilled in us the confidence to pursue further expansion, with SMEs and employees at the heart of our ambitions. This latest round of funding will enable us to bolster our brilliant team and accelerate our innovation timelines with the ultimate goal of simplifying employment for SMEs all around the world. We’re excited to broaden our reach with entry into new markets.”
Rachel Geller, Managing Director of Insight Partners, said: “We have been following Employment Hero’s journey for four years and have seen the impressive and consistent growth experienced by the company. Its customer-centric solutions have been embraced globally by the small and medium business community, and we are looking forward to supporting them through this next phase of their expansion journey.”