Total amount raised
$521.5 Millions
Latest funding date
Location
Employment Hero has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform offers comprehensive solutions for HR, payroll, and employee benefits management.
Keep reading to explore the intricacies of Employment Hero's fundraising journey and the investors backing this innovative platform.
What Is Employment Hero?
Employment Hero, founded in 2014 by Ben Thompson and Dave Tong, is headquartered in Sydney, New South Wales, Australia. The company offers a cloud-based platform that integrates HR, payroll, and employee benefits management.
With a workforce of 501-1000 employees, Employment Hero aims to streamline essential HR processes for small and medium-sized businesses. Their platform includes products like HR Software, Payroll Software, and Swag, a superapp for work management and career development.
Employment Hero also provides global employer of record services through Global Teams, along with AI features and a jobs board. This comprehensive suite of tools helps businesses manage their workforce efficiently from hiring to retirement.
How Much Funding Has Employment Hero Raised?
- Series A
- Amount Raised: $3M
- Date: June 2016
- Lead Investors: OneVentures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and market reach.
- Series A
- Amount Raised: $1.5M
- Date: November 2016
- Lead Investors: OneVentures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the product and scale operations.
- Series B
- Amount Raised: A$8M
- Date: March 2018
- Lead Investors: OneVentures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and expand into new markets.
- Series C
- Amount Raised: $15M
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and improve platform scalability.
- Series D
- Amount Raised: A$45M
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support international expansion and product innovation.
- Series E
- Amount Raised: A$140M
- Date: July 2021
- Lead Investors: Insight Partners
- Valuation at Round: A$800M
- Motivation Behind the Round: To grow the company's valuation and expand its operations.
- Series F
- Amount Raised: A$181M
- Date: February 2022
- Lead Investors: Seek Investments
- Valuation at Round: A$1.25B
- Motivation Behind the Round: To achieve unicorn status and acquire KeyPay.
- Series F
- Amount Raised: A$263M
- Date: October 2023
- Lead Investors: TCV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand global operations and enhance product offerings.
- Secondary Market
- Amount Raised: A$95M
- Date: February 2025
- Lead Investors: Kohlberg Kravis Roberts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity for early investors and employees.
Total Amount Raised: $1.05B USD. Current Valuation: Not publicly disclosed.
Key Investors
- Kohlberg Kravis Roberts (KKR)
- Details: KKR is a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, and credit. Founded in 1976, KKR is headquartered in New York City.
- Investment Focus Areas: Private equity, infrastructure, real estate.
- Notable Investments: First Data, GoDaddy, ByteDance.
- OneVentures
- Details: OneVentures is an Australian venture capital firm that invests in high-growth technology companies. The firm focuses on sectors such as healthcare, education, and technology.
- Investment Focus Areas: Healthcare, education, technology.
- Notable Investments: Employment Hero, Vaxxas, Charm Health.
- TCV
- Details: TCV is a leading provider of growth capital to technology companies. Founded in 1995, TCV has invested in over 350 technology companies globally.
- Investment Focus Areas: Software, internet, financial technology.
- Notable Investments: Netflix, Facebook, Spotify.
- Insight Partners
- Details: Insight Partners is a global venture capital and private equity firm investing in high-growth technology and software companies. Founded in 1995, the firm is headquartered in New York City.
- Investment Focus Areas: Software, internet, data.
- Notable Investments: Twitter, Shopify, Qualtrics.
- Seek Investments
- Details: Seek Investments is a subsidiary of SEEK Limited, an Australian company that operates online employment marketplaces. The firm focuses on investments in technology and human resources platforms.
- Investment Focus Areas: Technology, human resources, online marketplaces.
- Notable Investments: Zhaopin, JobStreet, OCC Mundial.
What's Next for Employment Hero?
Employment Hero's future looks promising as it leverages the acquisition of KeyPay to expand into new markets like New Zealand, Singapore, Malaysia, and the United Kingdom. This move opens up significant opportunities in the workforce management and payroll sectors, potentially increasing their user base beyond the current 80,000 SMEs.
With the recent funding round led by Seek Investments, Employment Hero is well-positioned for future fundraising opportunities. The company's growth trajectory and market expansion plans suggest that additional investments could be on the horizon to support scaling operations and enhancing product offerings.
However, challenges such as integrating KeyPay while maintaining its independent brand and managing rapid growth could pose hurdles. Navigating competitive pressures in the HR tech and payroll management sectors will also be crucial for sustained success.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Employment Hero and gather other critical business insights.
Sign up for free on Clay and start making data-driven decisions today.
