HoneyBook, a US-based developer of freelance worker management technology, has received $28m in a series C round led by Citi Ventures, financial services firm Citi’s strategic investment arm.
The round also featured Norwest Venture Partners (NVP), the venture capital firm that manages funds on behalf of financial services provider Wells Fargo, as well as all the company’s existing investors, including fellow VC firms Aleph and Hillsven.
Founded in 2013, HoneyBook has developed an online platform that enables freelancers to manage their business, automatically book in clients and send them invoices.
The company’s offering allows users to share documents, chat to clients, sign contracts and access a billing tool that handles recurring, scheduled and one-off payments. HoneyBook said it increased its new members by 150% in 2018 and created more than 1 million client projects through the platform.
Luis Valdich, managing director of Citi Ventures, said: “As the shift toward independent work continues to rise, the needs of this modern workforce segment are evolving.
“HoneyBook’s holistic platform is uniquely positioned to serve the growing number of creative freelancers who are operating their own businesses and we are excited to be part of its journey.”
NVP led a $22m series B round for the company in 2015 that also featured Aleph and Hillsven, after Aleph had led a $10m series A round the previous year, investing alongside Hillsven, UpWest Labs and Evan Williams, the co-founder of social media platform Twitter.