Employment Hero, an Australia-based HR and payroll platform has secured AUD 263 million ($167 million) in Series F funding, valued at AUD 1.25 billion.
The round was led by Technology Crossover Ventures (TCV), with participation from existing investors, including Insight Partners, AirTree, Seek Investments, and OneVentures.
Technology Crossover Ventures is a leading investment firm focused on investing in global, category-defining, technology companies. Leveraging its deep industry expertise and strategic resources, TCV’s mission is to provide long-term capital and support to high-quality management teams across their growth journey. TCV has a global presence in Menlo Park, New York, London and Melbourne.
Employment Hero Use of Funds
The company will use the new funds for global expansion and to hasten the global rollout of SmartMatch, an AI-driven recruitment solution.
About Employment Hero
Founded in 2014 by Ben Thompson and Dave Tong, Employment Hero offers end-to-end recruitment, HR, and payroll solutions designed for Australian businesses. The solution helps manage the entire employee lifecycle, with modules for recruitment, onboarding, payroll, time and attendance, people management, and more. The company now has more than 200,000 businesses as customers and also announced the launch of the Hero Foundation, to help employ 1 million people from difficult or underprivileged communities over the next decade.
Company: Employment Hero Pty Ltd
Round: Series F
Funding Month: October 2023
Lead Investors: Technology Crossover Ventures
Additional Investors: Insight Partners, AirTree, Seek Investments, and OneVentures
Company Website: https://employmenthero.com/
Software Category: HR Software