Australia-based human resources technology developer Employment Hero has secured A$22m ($16m) in a series C round led by recruitment portal operator Seek, the Sydney Morning Herald reported yesterday.
OneVentures and AirTree Ventures also took part in the round, which valued Employment Hero at $72m.
Founded in 2014, Employment Hero has developed a human resources software platform that enables companies to easily onboard new employees, manage timesheets, engage with staff and organise performance reviews.
The company expects not to raise any further funding for years or potentially ever, and will instead focus its energy on hiring the right talent. Employment Hero is also exploring an international expansion.
The series C funding will primarily go towards the company’s Worklife Passport product, which enables employees to easily pass on key information, such as details of their existing pension plan, to a new employer.
Employment Hero also hopes to benefit from a recent change in Australian tax law, which now requires businesses of all sizes to operate a digital payroll and report wages and pension details through a mandatory single-touch system.
The change in regulation was brought in to stop employers from delaying the payment of their workers’ pension entitlements.
Seek previously co-led a $6.1m series B round in March 2018 with OneVentures, while financial services firm AMP and AirTree Venture Capital also took part.
AMP New Ventures, a corporate venturing unit of AMP since wound down, backed a $3.2m series A round raised across two tranches in 2016, investing alongside AirTree and OneVentures.
