Australia-based employee relations software provider Flare has received A$22m ($15.4m) in a series C round led by enterprise software producer MYOB.
The round included venture capital firm Point72 Ventures, investment and corporate financing firm Acorn Capital Partners, David Fite, managing partner of investment firm Euclid Capital Partners, and Malcolm Turnbull, the former prime minister of Australia.
Founded in 2015, Flare produces software that lets employers manage human resources-related workloads such as processing new hires and planning pensions, in addition to helping employees access savings products and discounts.
Turnbull and Fite both took special adviser positions in conjunction with their investments, and the series C funding is set to drive the introduction of more financial products onto Flare’s platform.
MYOB has formed a strategic partnership with the company and is expected to begin offering the software to its enterprise clients before the end of this year.
Flare raised $15.4m in a mid-2018 series B round led by Point72 Ventures that included Reinventure, the VC firm backed by financial services firm Westpac, as well as Acorn Capital Partners and Tank Stream Ventures, a subsidiary of asset management firm BridgeLane Group, which also participated directly.
Reinventure had previously led a $5.1m round for Flare in 2017 after injecting over $760,000 into the business the previous year.