- Australian startup Flare closed a $21 million Series B investment round.
- The round was led by Point72 Ventures, the fund of New York billionaire Steven Cohen.
- The money will contribute to the local growth of Flare’s onboarding, HR and payroll products.
Flare, an Australian payroll technology startup, closed $21 million in a Series B investment led New York venture capital firm Point72 Ventures, the fund of New York billionaire Steven Cohen.
Others taking up the round include previous investors Reinventure and BridgeLane, plus Acorn Capital and Tank Stream Ventures.
The company’s last major investment was $7 million in August 2017. Since then it has doubled its customer base to more than 200 clients and its platform is currently used by 100,000 employees across Australia.
The new cash will contribute to the local growth of Flare’s onboarding, HR and payroll product suite, and its expanding financial wellness and benefits platform.
This round is the first investment by Point72 Ventures in an Australian company.
Point72 partner Pete Casella will take a position on the board of Flare.
“Flare has reimagined the role that a workplace can play in your financial life,” says Casella.
“By focusing on the employer-employee relationship, they can empower individuals to take control of their money at the source, driving financial wellness across entire organizations.”
Flare CEO and co-founder Dan Cohen says the company wants to level the playing field in Human Resources and Payroll.
“That’s why we give away our core suite of tools for free, so that we can help every company automate their processes, simplify their onboarding and payroll and become an incredible place to work,” he says.
“We’ve built a platform that lets Aussie businesses build an employee experience that competes with Facebook or Google.
“We’re now starting to see the results of our effort to change workplace culture and financial wellness in workplaces across Australia.
“We will be building a world class technical team and rolling out a series of tools and technologies over the next two years designed to achieve that goal.”
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.