Cloud-based HR platform Employment Hero has raised AU$22 million in a Series C funding round led by Seek, with participation from OneVentures and AirTree Ventures.
The new funding brings Employment Hero’s valuation to over AU$100 million and follows an $8 million Series B round in March 2018.
Founded in 2014, Employment Hero provides over 4000 small to medium-sized businesses with automated solutions for employee management, payroll, workforce management and employee benefits.
The cash will be used to fund continued product development, and expand into international markets, with an initial focus on New Zealand, South East Asia, the UK and Ireland.
Employment Hero will also develop strategic integrations into Seek’s marketplace, working closely with the team to create a more holistic employment management experience for small businesses, the company said.
“As an advanced employee management and payroll platform, working hand-in-glove with the largest employment platform, Seek, we can offer real value to businesses anywhere on the planet. We not only want to help our existing businesses to grow internationally, but we want to start supporting the businesses that approach us from outside Australia,” said Ben Thompson, co-founder and CEO of Employment Hero.
The company says it has doubled its recurring revenue in the last twelve months and will grow its headcount from 134 to 162 by the end of the year.
Ronnie Fink, managing director of corporate development at Seek, said: “Seek is well placed to play a greater role in the Human Capital Management market. HR SaaS is one of three key areas of focus for us, and our increased investment in Employment Hero reflects our confidence in their value proposition and their strong management team. We have been very pleased with their performance to-date and look forward to working with them more closely to capitalise on the growth opportunity that lies ahead.”