Australian technology start-up Employment Hero has raised nearly £140mn from investors to help fund its UK expansion, defying a difficult market for fundraising in which fast-growing companies are struggling to attract investor backing.
US private equity firm TCV, whose past investments include Airbnb and ByteDance, is leading the funding round, which values the company at more than £1bn, according to Employment Hero’s co-founder and chief executive Ben Thompson.
The money will be used to build out the company’s presence in London and expand its British client base beyond the 20,000 UK small and medium-sized businesses that use its software to manage everything from payrolls to integrating new employees to recruiting staff, Thompson told the Financial Times.
Read the full story on the Financial Times here.