Employment Hero funding round pushes valuation towards $2b
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The news: Employee management software provider Employment Hero has announced a $263 million series F funding round, pushing its valuation towards $2 billion as it looks to extend its reach in the massive UK SME market. VC firm TCV (Technology Crossover Ventures) is leading the funding round.
The numbers: The announced funding is still subject to regulatory approval, but would take Hero's capital raised to more than $650 million.
The context: Employment Hero provides HR, payroll and employee engagement software for more than 200,000 Australian SMEs and manages $75 billion in salaries. Employment Hero’s CEO and co-founder Ben Thompson has told Capital Brief the company's growth is "well above 50%" year on year.
What they said: "Whilst we were not actively seeking funding, our growth story has meant that we have received significant inbound investor interest – this has given us incredible confidence in our vision and allowed us to opportunistically boost our balance sheet, even at a time when the funding environment has been tight," Thompson said in a statement.
The sources: Capital Brief, Employment Hero Media Release
