Employment Hero, the all-in-one HR, payroll and benefits platform, today announced it has closed a USD$130 million funding round, led by return investor SEEK Investments with participation from OneVentures, AirTree Ventures and other shareholders. The support from investors has helped Employment Hero reach a valuation of AUD 1.25 billion valuation, and reflects the business’s strong and sustained revenue growth and prospects.
This news comes on the heels of Employment Hero’s acquisition of workforce management and payroll solution, KeyPay.
With the acquisition, Employment Hero now has over 80,000 SMEs, collectively managing over 750,000 employees using its platform, and boasts a team of over 500 FTEs globally.
KeyPay will be retained as an independent brand and receive ongoing investment to grow its team, as Employment Hero continues to execute on its vision to become a leading Employment as a Service provider. Founded in 2010, KeyPay has a well-established footprint across Singapore, Malaysia, Australia, New Zealand, and the United Kingdom, which will allow Employment Hero to further accelerate its growth initiatives in these markets and deliver on its purpose ‘to make employment easier and more valuable, for everyone.
Employment Hero together with KeyPay, now offers a leading suite of total employment management solutions that covers four key pillars: Talent Solutions; Core HR; Payroll; eBenefits. This comprehensive solution suite will offer SMEs and their employees a seamless employment management experience and specifically help SMEs grow their engagement and work relationships with employees. With its new cash injection, Employment Hero’s primary objective for 2022 is to bring its groundbreaking pillars together in ways that will completely transform what businesses and their employees can expect from employment.
“The acquisition of a leading payroll provider is a strategic no-brainer for Employment Hero and will see it deliver an even more seamless product experience. 80k SMEs now have access to an enterprise grade HR solution. With Ben and the team’s relentless execution, I expect that number will be much larger in short order,” said John Henderson of AirTree.
“We are delighted to lead the investment in Employment Hero. The business has performed exceptionally well over a sustained period. Employment Hero is still early in their growth journey with enormous opportunities to pursue and the addition of KeyPay expands the potential significantly,” Andrew Bassat of SEEK Investments commented on their investment.
“As the first lead investor into Employment Hero back in 2016, we believed in the thematic foundations of the business as well as Ben’s depth of experience in HR services and business leadership. His ability to build great teams along with his vision to change the world of work was fundamental to our investment decision and we are delighted to see the business go from strength to strength – to what is shaping up to be a $100-billion-dollar market opportunity,” said Dr Michelle Deaker of OneVentures.
