Employment Hero secures SGD 229M in Series F funding led by TCV
Employment Hero, a global HR Tech platform, has secured SGD 229 million in a Series F round of funding led by TCV on October 19, 2023.
Over the last three years, the HR Tech firm has secured more than SGD 572 million in funding from leading players, including Insight Partners, AirTree, Seek, and OneVentures. With this investment, which is subject to approval from the Foreign Investment Review Board, the firm will further expand its products and services in global markets through its HR and payroll software platform.
Announcing the funding details, Ben Thompson, CEO and founder of Employment Hero said, “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, so we are very excited to welcome them aboard as we do the same for employment. Businesses can seamlessly plug into our unparalleled reservoir of talent, with automatic compliance and compensation mechanisms. No more time or hassle growing your business. We’re on a trajectory to become the world’s largest centralised payroll and recruitment hub, reaching all markets with our highly automated infrastructure. Our sights are set on becoming an SGD 43 billion-plus business, so our financial aspirations match the scale of our global vision.”
Muz Ashraf, Partner at TCV stated, “We are thrilled to support Employment Hero on the journey to make employment work better for employers and employees globally. We have been fortunate to know Ben, Dave, and the broader Employment Hero team for several years, and have been deeply impressed by their ingenuity, grit, and velocity in solving one of the fundamental pain points facing small to medium-sized businesses.”
Alexander Wortmann, Partner at TCV, added, "Employment Hero is a best-in-class HRIS platform, differentiated by its integrated HR and payroll functionality across multiple geographies. By connecting businesses to a vast pool of talent, Employment Hero is reimagining recruitment and payroll for the modern age. We look forward to partnering with Employment Hero's talented team to execute this exciting growth trajectory and global expansion."