Australia-based human resources software provider Flare secured A$21m ($15.4m) yesterday in a series B round featuring Reinventure, the venture capital firm funded by financial services firm Westpac.
The round was led by venture firm Point72 Ventures and included fellow VC firm Tank Stream Ventures and investment firms BridgeLane and Acorn Capital.
Founded in 2015, Flare has created an all-purpose human resources management platform that incorporates payroll, employee onboarding and benefits while also offering users information and financial advice.
The company has doubled its client list to 200 in the past year and plans to use the series B funding to similarly double the size of its team in the forthcoming year.
James Windon co-founder and managing director of Flare, told Australian Financial Review: “What we firmly believe is there has been a significant shift in the dynamic between employees and employers in Australia in the last five to 10 years.
“There are changing expectations from employees about what an employer delivers to them and it is more than just a pay cheque. Employees are now looking for guidance on building their own careers…and there is also an expectation that they want to live financially well.”
Reinventure initially invested more than $760,000 in Flare in early 2016 and followed that by leading a $5.1m round for the company in August 2017.