Cloud based human resources software
Partially Exited | Insight PartnersVisit Website
Employment Hero is a cloud based human resources software company targeting SMEs.
Employment Hero is a horizontal SaaS company providing SMEs with HR software for onboarding, personnel management and payroll – with an interface for both the employer and employee.
HR is a highly fragmented and under-developed aspect of a small business operation, often very time consuming and coming under the remit of staff who may not be formally qualified in HR. Employment hero identified a strong market opportunity for seamless HR management, with an upside of bringing payroll in-house. When the pandemic hit in 2021, having an accessible way of engaging staff remotely became critical for many businesses, with Employment Hero emerging as a market leader in championing work from home tools for both employers and employees.
Employment Hero continues to develop their product offering, with more tools and resources for culture and performance, remote hiring support across different countries and continents, people analytics and market analysis information as well as employee wellbeing and engagement.
Since 2016, the company has raised seven times, grown at +100% CAGR, expanded into five new countries, and completed a $250M acquisition of KeyPay.
When the company announced it had closed a $140 million funding round with an $800 million valuation in 2021, nobody was clapping louder than founding partner and managing director at OneVentures, Dr Michelle Deaker, who says she had caught a “dragon”.
While Employment Hero’s valuation in 2022 came in over the $1 billion dollar mark – a milestone that casts Employment Hero as a “unicorn” – the VC community bestows the title of “dragon” on any one company that performs so well that it pays back an entire fund on its own, which Employment Hero now has.
Huge potential for growth, both in the Australian market and beyond. Employment Hero has launched in the UK and SE Asia, and continues to identify and build localised capabilities for international markets.
High Quality Product
Employment hero is the only platform that integrates with third-party accounting platforms and payroll providers that can provide seamless HR management, 3rd party benefits, and payroll for SMEs. It also has a sticky, easy to use interface, with minimal implementation
Ben Thompson (Founder & CEO) has successfully built and scaled HR related businesses prior to Employment Hero. 1V’s Dr Michelle Deaker continues to serve as Chair on the Employment Hero board, and has influenced key strategic senior hires across the business.
Strong revenue growth, high customer retention, a diversified customer based and huge global opportunity: any SME in the world employing up to about 500 employees is within the addressable market.