Employment management platform opens London HQ and secures £131m funding

Employment Hero, one of the world’s largest employment management platforms, has announced a Series F growth round of £131m to fuel its rapid global expansion, following in the footsteps of Atlassian, Xero and Canva.

The funding follows the company’s 2022 Series E and takes the total amount of capital it has raised to over £325m, 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 pounds each year, a ‘highly relevant solution’ given the global inflation and cost-of-living squeeze.

This fundraise, led by global growth fund TCV, enables the company to make a substantial investment in the UK, which it recently chose as its European headquarters. Over the next 12 months it will further expand its local presence to a team of 180 to help grow and support the 20,000 UK SMEs it already works with.

After a successful launch in Australia, the company is also set to expedite its UK rollout of SmartMatch, its AI-driven recruitment solution, which will help SMEs to access and recruit talent on an automated basis, saving significant time and money and enabling them to compete more effectively with large corporations.

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 $2 trillion annually.

Ben Thompson, CEO & Founder of Employment Hero, commented: “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 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.”

By Matthew Neville – Senior Correspondent, Bdaily

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