TL;DR: Employment Hero, a leading employment management platform, has secured SGD 229 million in a Series F growth round, subject to Foreign Investment Review Board approval. This funding, following their 2022 Series E, brings their total capital raised to over SGD 572 million. The platform offers a comprehensive suite of services, streamlining talent management for businesses and providing employees with the ‘Swag’ super-app for efficient work and financial management. This funding, led by TCV, will facilitate rapid expansion into key international markets.
Employment Hero, a leading employment management platform, has announced a significant milestone in its growth journey with a successful Series F funding round, securing SGD 229 million. This funding, however, is subject to approval from the Foreign Investment Review Board (FIRB).
This latest round of funding comes on the heels of the company’s Series E in 2022, and it elevates the total capital raised to an impressive SGD 572 million. The funds have been instrumental in the development of an all-encompassing ecosystem of products and services through Employment Hero’s all-in-one platform. This platform aims to enhance employment processes for both employers and employees.
Streamlining Talent Management
Employment Hero’s continued commitment to vertical integration has resulted in the creation of a seamless and compliant all-in-one platform. This platform facilitates the recruitment, onboarding, payment, and management of talent, offering business owners and managers peace of mind. This streamlined approach allows them to redirect their focus towards business growth.
Empowering Employees with ‘Swag’
For employees, the ‘Swag’ super-app by Employment Hero acts as a real-time control center. It empowers them to efficiently and intelligently manage their work and financial lives. This innovative app provides a range of benefits that lead to significant annual savings for its users. This feature is especially pertinent in the current global economic climate, marked by inflation and a rising cost of living.
Accelerating Global Growth
This substantial funding round, led by TCV, marks a significant milestone for Employment Hero. It positions the company to accelerate its growth into crucial international markets. The platform’s founders, Ben Thompson and Dave Tong, view this funding as a strong endorsement of their vision to establish the world’s preeminent employment infrastructure and community.
Ben Thompson, CEO & Founder of Employment Hero, expressed his enthusiasm about the funding, stating, “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.”
He added, “Within 12 months, Employment Hero will transcend the traditional confines of HR and Payroll… We’re on a trajectory to become the world’s largest centralised payroll and recruitment hub, reaching all markets with our highly automated infrastructure.”
Muz Ashraf, Partner at TCV, commented, “We are thrilled to support Employment Hero on the journey to make employment work better for employers and employees globally.” He praised the team for their ingenuity and efficiency in addressing a fundamental pain point for small to medium-sized businesses.
Backing from Previous Investors
Employment Hero’s earlier backers, including Insight Partners, AirTree, Seek, and OneVentures, all participated in this funding round. This collective support underlines the confidence in the platform’s ability to revolutionize employment management.