Employment Hero, an Australian all-in-one HR, payroll, and benefits platform, is accelerating its expansion efforts into Southeast Asian markets after it raised S$140 million (about $102 million) in a Series E funding round.
The startup said the latest funding round was led by US-based Insight Partners, a global venture capital and private equity firm supporting technology scale-ups.
The funding round has tripled Employment Hero’s valuation to about S$806 million in six months. It raised $35 million in its Series D funding round early this year.
The company said it will also use the fresh funds to expand across Western Europe and enhance its platform engineering abilities, among others.
Launched in 2014, Employment Hero empowers SMEs by providing automated solutions to help launch them on the path to success by powering more productivity every day.
The startup said it services over 6,000 businesses, collectively managing over 250,000 employees. The core platform reduces admin time by up to 80 per cent.
“As the Covid-19 pandemic rages on in the region, with several SMEs still working remotely or in split teams, we are proud to provide businesses with solutions that are designed to make the working experience seamless and sustainable,” said Employment Hero co-founder and CEO Ben Thompson.
The funding announcement comes as the startup reveals 113 per cent year-on-year revenue growth and records S$14 billion in gross wages processed through the platform in the past 12 months.
To support its rapid growth, Employment Hero has also announced a brand refresh and new website after completing research with thousands of potential customers, in-line with its goal to make employment easier and more rewarding for everyone.
“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,” Thompson added.