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Series F News: Employment Hero raises $263 million to take its mission global

We're on a mission to revolutionise global employment with AI solutions for SMEs.
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Published 23 Oct 2023
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Updated 8 Apr 2024
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4min read
Ben Thompson and Dave Tong

We are thrilled to announce our latest round of funding this week: an $AUD263 million round led by leading global fund TCV. This latest funding injection will help us expand globally and further invest in delivering the best employment solutions to SMEs around the world.

We’d like to thank our amazing customers who inspire us every day to realise our mission; to make employment easier and more valuable for everyone. We now have over 300k businesses and 2M employees using our products!

If you’ve been following along at home, you’ll know this is our Series F raise. It comes on the heels of our 2022 Series E funding, and takes the total amount we’ve raised to over $650M to date. It also puts our valuation just shy of $2 billion.

This new investment enables us to double down on our mission to make employment easier and more valuable for everyone. The next focus of this is our immediate focus on building AI capability to become a fully autonomous solution for SMEs around the world to manage employment effortlessly. Today we take that dream global, giving SMEs around the world a simple way to solve employment and grow their business without stress.

In our biggest transformation yet, we’re using AI to reinvent the solutions we offer. We’re evolving from an HR and Payroll software platform into a hands-free HR solution that manages end-to-end employment completely. It sets businesses up to recruit, onboard, pay and develop talent on autopilot —without lifting a finger.

We’re now well-positioned to become the world’s largest employment management platform, changing the employer and employee relationship forever. Our vision for the future of employment is one based on mutual respect, communication, fairness and transparency. Powered by AI, fresh funding, and our growing team of 900+ Heroes, our end to end employment solutions will make this vision a reality.

One of the solutions we’re most excited about is the upgrades to our world-first employment superapp Swag. It puts employees in the driver’s seat of their work and career, giving them a control centre to manage work admin, career advice, pay, perks and benefits. It’s everything work-related, in one convenient place —accessible anywhere, any time.

But Swag is more than just an employee app. It’s a community movement driving bigger change and cutting the cost of living. We’re using the buying power of Swag’s 1.4M+ user community to negotiate the best deals —which can add up to thousands saved each year. As part of the Swag community, employees can access the best deals on everyday essentials like groceries, utilities and fuel to cut the cost of living.

On the employer side, we’ve redefined the way SMEs attract and hire talent with our new AI recruitment solution SmartMatch. It uses sophisticated algorithms to match the best candidates on the market with your business, based on their skills, experience and location. This funding will accelerate the global rollout of SmartMatch, taking AI-powered recruiting and in-built talent to SMEs around the world.

With recruiting and employment on autopilot, SMEs can finally compete with large corporates for talent. They can deliver a world-class candidate-to-employee experience, and tap into the world’s biggest talent pool, while saving serious time and money on recruiting costs. It levels the playing field and helps connect great people to great small businesses.

Our founders Ben Thompson and Dave Tong see this fundraise as a testament to Employment Hero’s strong growth trajectory and our vision to reimagine employment globally. Here’s what Ben has to say:

“Within 12 months, Employment Hero will transcend the traditional confines of HR and Payroll. We will open doors to a world where talent flows like water through a pipe, right to your doorstep. That’s the future we’re building. Businesses can seamlessly plug into our unparalleled reservoir of talent, with automatic compliance and compensation mechanisms. No more time or hassle growing your business.

We’re on a trajectory to become the world’s largest centralised payroll and recruitment hub, reaching all markets with our highly automated infrastructure. Our sights are set on becoming a $50 billion plus business, so our financial aspirations match the scale of our global vision.”

Amidst this growth, we also want to give back. We’re launching the Hero Foundation —a not-for-profit organisation striving to facilitate employment for 1 million people from underprivileged communities over the next decade. It’s part of our 20 year-long mission to make employment easier and more rewarding for everyone. And we’re just getting started.

We’d also like to thank our earlier backers Insight Partners, AirTree, Seek and OneVentures who all participated in this raise.

To read more about our raise, see selected pieces below:

The Team
Employment Hero -
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