KUALA LUMPUR: Australia-based Employment Hero has raised RM141.6 million in a Series D funding round to accelerate growth in Australia and double-down on its international expansion strategy.
Employment Hero said the latest funding was led by return investor SEEK, with participation from previous backers, OneVentures and AirTree Ventures, as well as newest investor Salesforce Ventures.
As part of its first wave of international roll out, Employment Hero has launched localised versions of its signature people, payroll and benefits solution in New Zealand, the United Kingdom, Malaysia and Singapore in late 2020.
"Funds raised from the Series D will support Employment Hero's continued growth in these markets and facilitate a significant push across Southeast Asia, reinforcing the company's mission to make employment easier and more rewarding for every SME on the planet," it said.
Employment Hero chief executive officer and co-founder Ben Thompson said last year had been incredibly difficult for employers everywhere, particularly as many were thrown into the deep end when it came to digital transformation and remote work.
"We recognise that remote employment is just another challenge for SMEs right now and we have the solution to help. This latest round of funding will allow us to continue building powerful features to simplify employment. It also enables us to reach more of the world. I started Employment Hero to help as many SMEs as possible and this is the next step in that journey," said Thompson.
SEEK chief executive officer and co-founder Andrew Bassat said for the past four years, SEEK had watched Employment Hero go from strength to strength in the Asia Pacific market.
"We are confident that Employment Hero will positively impact small business communities in its chosen international markets.
"We are looking forward to our strengthened partnership with Employment Hero as it continues to drive change in the HR tech space and build a network of empowered employers," said Bassat.
Employment Hero has over 6,000 SMEs, collectively managing over 250,000 employees, using its platform and has experienced a 100 per cent year-on-year increase in revenue since inception.
The company's headcount increased by 50 per cent in 2020, bringing the team to more than 200 full-time equivalent (FTEs) globally.
Meanwhile, Employment Hero said to coincide with its international expansion, the company launched its 'Global Teams' service, a Professional Employer Organisation (PEO) solution, designed to power the remote work revolution in Australia and across the globe.
"Integrating with the Employment Hero software platform, Global Teams gives SMEs everywhere the ability to find, onboard and manage remote talent legally and seamlessly.
"It will also offer an in-built recruitment tool that allows SMEs to easily create and publish open positions to over 1,700 job boards worldwide," it added.