Employment Hero raises $181 million AUD at a valuation of $1.25 billion AUD and acquires KeyPay TechCrunch

Startups

Human resources platform Employment Hero announced today that it has raised $181 million AUD (or approximately $129 million USD), giving it a unicorn valuation in Australian dollars of $1.25 billion (or approximately $890 million USD). The round was led by returning investors Seek Investments with participation from OneVentures, AirTree Ventures and other shareholders.

The Sydney, Australia-based company also said it has acquired KeyPay, a workforce management and payroll platform that will remain as an independent brand, receiving investment from Employment Hero to grow its team.

The Employment Hero platform, which provides a full suite of workforce management tools, including payroll and benefits, is now used by more than 80,000 SMEs, representing a total of 750,000 employees. The company itself has a team of more than 500 full-time employees around the world. Employment Hero’s last funding announcement was in July 2021, when it announced a $140 million AUD Series E led by Insight Partners with a valuation of $800 million AUD. It has now raised a total of $220 million AUD.

Founded in 2010 by Phil Bernie, Richard McLean, Paul Duran and Kristian Reynolds, KeyPay operates in Australia, New Zealand, Singapore, Malaysia and the United Kingdom, which Employment Hero said will help grow in those markets. Bernie will remain as CEO of KeyPay, while Duran will remain as its Chief Technology Officer. Ben Thompson, co-founder and CEO of Employment Hero, was a seed investor in KeyPay in 2012.

Founded in 2010 by Phil Bernie, Richard McLean, Paul Duran and Kristian Reynolds, KeyPay has operations in Australia, New Zealand, Singapore, Malaysia and the United Kingdom, which Employment Hero believes will help the company grow in those markets. Bernie will remain as CEO of KeyPay, while Duran will remain as its Chief Technology Officer. Ben Thompson, co-founder and CEO of Employment Hero, was a seed investor in KeyPay in 2012.

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