Employment Hero announced a Series F growth round of RM794 million to fuel its rapid global expansion.
Today’s funding* (subject to Foreign Investment Review Board approval) follows the company’s 2022 Series E and takes the total amount of capital it has raised to over RM1.98 billion, funding it has used to develop an entire ecosystem of products and services through its all-in-one platform that make employment significantly better and easier for both employers and employees.
Through continued vertical integration, Employment Hero has built an all-in-one platform to recruit, onboard, pay and manage talent seamlessly and compliantly. This gives business owners and managers peace of mind, and frees up their time to focus on growing their businesses.
For employees, the Employment Hero super-app, ‘Swag’, is a real-time control centre, empowering them to manage their work and financial lives efficiently and intelligently.
The app provides a range of benefits that help save members thousands of ringgit each year, a highly relevant solution given the global inflation and cost-of-living squeeze.
This fundraise, led by TCV enables the company to accelerate growth into key international markets.
For founders Ben Thompson and Dave Tong, this fundraise is a further endorsement of their vision to create the world’s preeminent employment infrastructure and community – currently a fragmented industry worth around RM6 trillion annually.
“Whilst we were not actively seeking funding, our growth story has meant that we have received significant inbound investor interest – this has given us incredible confidence in our vision and allowed us to opportunistically boost our balance sheet, even at a time when the funding environment has been tight. TCV is a technology investor with an enviable track-record backing many of the world’s most ubiquitous digital platforms like Airbnb and Spotify, so we are very excited to welcome them aboard as we do the same for employment.” said Ben Thompson, CEO & Founder of Employment Hero.
“Within 12 months, Employment Hero will transcend the traditional confines of HR and Payroll. We will open doors to a world where talent flows like water through a pipe, right to your doorstep. That’s the future we’re building. Businesses can seamlessly plug into our unparalleled reservoir of talent, with automatic compliance and compensation mechanisms. No more time or hassle growing your business. We’re on a trajectory to become the world’s largest centralised payroll and recruitment hub, reaching all markets with our highly automated infrastructure. Our sights are set on becoming a RM150 billion plus business, so our financial aspirations match the scale of our global vision.”
Muz Ashraf, Partner at TCV, commented “We have been fortunate to know Ben, Dave, and the broader Employment Hero team for several years, and have been deeply impressed by their ingenuity, grit, and velocity in solving one of the fundamental pain points facing small to medium-sized businesses.”
“Employment Hero is a best-in-class HRIS platform, which is differentiated in offering integrated HR and payroll functionality across multiple geographies.” added Alexander Wortmann, Partner at TCV.
“By connecting businesses to a vast pool of talent, Employment Hero is now reimagining recruitment and payroll for the modern age.” We look forward to partnering with Employment Hero’s talented team to execute on this exciting growth trajectory and global expansion.”