Employment Hero secures $6.1m Series B

Employment Hero, a HR, payroll and benefits platform, has secured a AUD $8m ($6.1m) Series B round.

The investment was co-led by SEEK and OneVentures and participation also came from AirTree Ventures and AMP New Ventures. Prior to this round, Employment Hero raised a $4.5m Series A round led by OneVentures in 2016. AirTree Ventures and AMP also took part in the previous series.

Founded in 2013, the Australian company manages the whole employment lie-cycle for SMBs, by combing HR software, scheduling and payroll tools, performance management, employee benefits and financial services. Clients can use the platform to automate payroll systems and set up flexible payment schedules for employees.

Some of the employee benefits available through the app include home loan comparisons, car buying, financing and salary packaging savings, personal loan and credit card offers, health insurance saving, utility bill discounts and cheaper mobile plans.

Employment Hero, which is used by over 1,500 Australian businesses, has grown its revenue and users by 10 per cent month on month since 2015, according to the company. It is currently integrated with accounting and payroll platforms such as Xero, MYOB, Intuit QuickBooksOnline and Keypay.

Funds from the series will be used to launch a range of new products and solutions.

Employment Hero founder and CEO Ben Thompson said, “By working closely with Seek, we want to be able to make it easier to move from recruiting to onboarding. We’re excited for a future where transitioning into new employment is a seamless and enjoyable experience and where the paperwork and administration for recruiters, HR business partners, employers and employees is drastically reduced.”

Last year, the HR and payroll sub-sector of the infrastructure and enterprise software space was dominated by the Asian market, according to data by FinTech Global. There was $462m deployed globally, with 55 per cent of the capital going to companies in Asia.

Copyright © 2018 FinTech Global

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