Employment Hero eyes its first profit as it fends off international challengers
As companies like Rippling and Deel expand into Australia, the country's HR tech disruptor has revealed it expects to achieve profitability this calendar year.
Employment Hero’s $263 million Series F last October was the biggest capital raise in the startup’s history. It may also be its last.
The HR tech outfit will become profitable for the first time later this year, co-founder and CEO Ben Thompson told Capital Brief, adding he has no desire to raise more cash from venture capital firms.
“We don’t foresee doing another capital raise unless there was some opportunity to acquire something and we needed more capital for that,” he said. “As it stands today, we have more cash than we’re ever likely to burn.”
Since its inception in 2014, Employment Hero has become one of Australia’s biggest startups, with its valuation nearing $2 billion last year. If everything goes according to plan, it will become sustainably profitable and no longer need venture backing.
