Employment Hero has raised RM141.6 million in a Series D funding round as part of accelerating its growth in Australia and to double-down on its international expansion strategy.
The latest funding was led by return investor SEEK, with participation from previous backers, OneVentures and AirTree Ventures, as well as the company’s newest investor, Salesforce Ventures.
Funds raised from the Series D will support Employment Hero’s continued growth and reinforces the market reach across Southeast Asia, following the company’s mission to make employment easier and more rewarding for every SME on the planet.
Ben Thompson, Chief Executive Officer (CEO) and Co-Founder of Employment Hero said, “We’ve never been in a better position to step up to the global playing field. Employment Hero has established itself as one of the best, all-in-one HR, payroll and benefits platforms in Australia, and we’ve proven market fit for SMEs.”
Meanwhile, its main investor, SEEK intends to help Employment Hero achieve its goal of becoming the largest HR and benefits platform for SMEs in the world and is currently exploring ways to cross promote and bundle SEEK’s products and services with Employment Hero in Australia, New Zealand and Southeast Asia.
Andrew Bassat, Chief Executive and Co-founder of SEEK, said “For the past four years, SEEK has watched Employment Hero go from strength to strength in the APAC market. We are confident that Employment Hero will positively impact small business communities in its chosen international markets.”
Employment Hero successfully launched localised versions of its signature people, payroll and benefits solution in New Zealand, the United Kingdom, Malaysia and Singapore in late 2020.
Notably, Employment Hero has over 6,000 SMEs, collectively managing over 250,000 employees, using its platform, and has experienced a 100 percent year-on-year increase in revenue since inception. The company’s headcount increased by 50 percent in 2020, bringing the team to more than 200 FTEs globally.