Payroll and benefits platform Employment Hero just raised $8 million in Series B funding, co-led by jobs site Seek, venture capital firms OneVentures and AirTree Ventures, and financial services giant AMP.
The equity raising adds to the $4.5 million from the Series A round led by OneVentures with co-investment by AirTree Ventures and AMP New Ventures in 2016.
The Sydney startup founded in 2013 manages the employment life-cycle for small-to medium sized businesses, combining HR software, scheduling and payroll tools, performance management, employee benefits and financial services.
The platform integrates with major accounting and payroll platforms including Xero, MYOB, Intuit QuickBooksOnline and Keypay. Employee benefit partners offered through Employment Hero include ANZ, AON, Jobs Australia and AMP.
“Employment Hero is taking the hard work out of people management and improving employee engagement for over 1,500 businesses across Australia,” says Ben Thompson, founder and CEO.
“By working closely with Seek, we want to be able to make it easier to move from recruiting to onboarding.”
The latest round of funding will be used to roll out a string of new products and solutions.
Michelle Deaker, Managing Partner for OneVentures, says Employment Hero is demonstrating significant growth.
Employment Hero has grown revenue and users on the platform by 10% month on month since 2015.
“Ben Thompson and the team are executing well on the business plan to capture what is a very large opportunity,” says Dr deaker.
“Seek is well regarded for their positive impact on their investments and we look forward to the opportunity afforded by the partnership.”