Employment Hero raises $181M AUD at $1.25B AUD valuation, acquires KeyPay

Human resources platform Employment Hero announced today it has raised $181 million AUD (or about $129 million USD), putting it at unicorn valuation in Australian dollars of $1.25 billion (or about $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 and get investment from Employment Hero to grow its team.

Employment Hero’s platform, which offers a full suite of human resources 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 based 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 at a valuation of $800 million AUD. It has now raised a total of $220 million AUD.

KeyPay was founded in 2010 by Phil Bernie, Richard McLean, Paul Duran and Kristian Reynolds, and is active in Australia, New Zealand, Singapore, Malaysia and the United Kingdom, which Employment Hero said will help it grow in those markets. Bernie will stay on as KeyPay’s managing director, while Duran will remain its chief technology officer. Employment Hero’s co-founder and CEO Ben Thompson was a seed investor in KeyPay in 2012.

Employment Hero seems to be a fascinating startup with motivating turn of events on human resources platform. I’m sure this startup would continue to prosper in its journey ahead. My best wishes to the entire team of Employment Hero. This will give them a huge accomplishment in future.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.