US-based freelancer business software provider HoneyBook secured $155m in series D funding yesterday from investors including Citi Ventures, the corporate venturing arm of financial services group Citi.
Private equity firm Durable Capital Partners led the round, which also featured 01 Advisors, Battery Ventures, Norwest Venture Partners (NVP), OurCrowd, Tiger Global Management and Zeev Ventures. It valued the company above $1bn, according to TechCrunch.
HoneyBook’s digital tool helps independent service providers based in its home country and Canada manage administrative tasks such as issuing invoices and contracts as well as project workflow. The funding will be used to increase headcount and improve its products and services.
Citi Ventures had led a $28m series C round for the company in early 2019, investing together with Aleph, Hillsven and NVP.
NVP had previously led HoneyBook’s $22m series B round in 2015, with contributions from Aleph and Hillsven, after a $10m series A round led by Aleph the year before featuring Hillsven, UpWest Labs and Evan Williams.
HoneyBook chief executive Oz Alon said: “Clients now expect streamlined communication, seamless payments and the same level of exceptional service online that they were used to receiving from business owners in person.
“We are proud to have helped independent service-based businesses meet the demands of a rapidly changing, digital-first world.”
