Seek and Salesforce Ventures helped the human resources software provider raise cash in a series E round led by Insight Partners at a $568m valuation.
Australia-based human resources software provider Employment Hero secured A$140m ($103m) yesterday in a series E round backed by enterprise software provider Salesforce’s investment arm, Salesforce Ventures, and recruitment portal operator Seek. The round, which valued the company at $586m, was led by growth equity firm Insight Partners, with contributions from OneVentures and AirTree Ventures. Founded in 2014, Employment Hero provides cloud-based software which helps small and medium-sized enterprises with employee training, payroll, retention, remote work management, human resources implementation and legal compliance, reducing administration time by up to 80%. The company currently services more than 6,000 businesses and has increased its headcount by 65% and its revenue by 113% over the past year, it said. It completed a $34.8m series D round in March this year led by Seek that included Salesforce Ventures, AirTree and OneVentures. Seek had previously led a $16m series C round for Employment Hero in mid-2019 also featuring AirTree and OneVentures, following a $6.1m series B round the previous year co-led by Seek and OneVentures with contributions from financial services provider AMP and AirTree. Employment Hero had already raised $2.2m in a 2016 series A round led by OneVentures and backed by AMP New Ventures, the now defunct VC arm of AMP.