HR ‘double unicorn’ Employment Hero valued at $2bn after $263 million raise


Tech unicorn Employment Hero has announced a $263 million Series F round to fuel its rapid global expansion, the company revealed on October 19.

The funding round was led by TCV and is subject to approval by the Foreign Investment Review Board. It follows the company’s 2022 Series E round, and brings the total amount of capital raised by Employment Hero to $650 million.

Employment Hero, which launched in 2014 as a HR software platform, has since grown to an all-in-one platform to recruit, onboard, pay and manage staff.

The company says the fundraise will enable it to accelerate growth into international markets and expedite its global rollout of SmartMatch, its AI-driven recruitment solution. (It also owns Swag, an app that leverages artificial intelligence to streamline the recruitment process.)

“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,” CEO and co-founder Ben Thompson said.

“TCV is a leading 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.”

Thompson said within 12 months, the company hopes to transform Employment Hero into a platform where businesses can seamlessly plug into its “reservoir of talent”.

“Our sights are set on becoming a $50 billion plus business, so our financial aspirations match the scale of our global vision.”

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