Sydney employee management software startup Deputy has scored $US25 million in series A funding from US venture firm OpenView.
The deal is the biggest single investment in the Boston venture fund’s history, said OpenView managing director Daniel Demmer, who will now join the Deputy board.
“Co-founders Steve Shelley and Ashik Ahmed and the Deputy team have built a truly extraordinary platform that automates a broken and manual workflow for hundreds of thousands of users around the world,” he said.
Deputy started in 2008 to produce software that automates human resource activities such as staff scheduling and attendance keeping. Shelley and Ahmed still head up the venture as chair and chief executive respectively.
The company claims a client base of 28,000 businesses in 73 countries, including Amazon, Qantas, Nike, McDonald’s and NASA.
Deputy has been bootstrapped from the start and the $US25 million is the first cash injection from an institutional investor.
“For the last eight years, we have grown our company from an idea to a full-fledged business. Now with the support of OpenView, a firm that wholly shares our mission of improving people’s working lives, we will be able to accelerate the product roadmap, new products and supercharge the go-to market plan,” said Shelley.
OpenView describes itself as a venture capital firm that invests in “expansion-stage” software companies that target the North American market.
Ahmed said that the growing casualisation of the workforce around the world has presented a golden opportunity for labour management software products that Deputy produces.
“The hourly paid market grows at a rate of one million people per year in the US alone,” he said. “This is not about to slow down with casualisation of the workforce, massive growth in hospitality, retail, senior living, on-demand services and other sectors.”
Deputy has offices in Sydney, USA, UK and the Philippines.