Employers all around the world are faced with a myriad of challenges in managing their distributed workforce in the remote working trend. Australian all-in-one HR, payroll and benefits platform, Employment Hero helps reduce employment compliance burdens so they can focus on thriving. It empowers SMEs by providing automated solutions.
In a recent development, the company picked up £75 million in a Series E funding round to expand its presence in the international markets. With this round, the latest investment in Employment Hero is now £114 million. Also, it is now valued at £430 million.
UK growth and expansion plans
The investment round was led by Insight Partners, a global venture capital and private equity firm. Employment Hero was launched in the UK in late 2020 and has already exceeded growth targets. The company plans to use part of its funds to double its UK sales force. Also, it will accelerate expansion efforts into the international and Western European market, bolster its engineering capabilities and enhance its market-leading platform.
Ben Thompson, CEO and co-founder of Employment Hero, said: “We’ve experienced exponential growth in the past year both in Australia and overseas, and significantly in the UK. Our success in global markets has instilled in us the confidence to pursue further expansion, with SMEs and employees at the heart of our ambitions. This latest round of funding will enable us to bolster our brilliant team and accelerate our innovation timelines with the ultimate goal of simplifying employment for SMEs all around the world. We’re excited to broaden our reach with entry into new markets.”
Rachel Geller, Managing Director of Insight Partners, said: “We have been following Employment Hero’s journey for four years and have seen the impressive and consistent growth experienced by the company. Its customer-centric solutions have been embraced globally by the small and medium business community and we are looking forward to supporting them through this next phase of their expansion journey.”
Growth amidst pandemic
The platform was founded by Ben Thompson and Dave Tong in 2014. Currently, Employment Hero serves more than 6,000 businesses worldwide and manages over 250,000 employees. In the 2020-2021 fiscal year, the company increased its headcount by 65 per cent, thereby bringing the team to 325 full time employees.
Employment Hero launched localised versions of its signature people, payroll, and benefits solution in the UK, New Zealand, Malaysia, and Singapore. The company forayed into these markets with the developments and sharing of hyper-local and timely resources and access to pre-built employment contracts and policies compliant with local employment laws.
Employment Hero is launching employers toward their goals, powering more productive teams and taking employment to rewarding new heights.