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Australian HR Tech Hero Raises $130M And Acquires Payroll Tech Startup

Hero currently serves over 80,000 companies with their HR Tech ecosystem of HR solutions and is known to reduce overall management time by 80%.

Australian HR Tech Hero Raises $130M And Acquires Payroll Tech Startup

Australia-based Employment Hero closed their latest investment round with $130 million led by Seek Investment with participation from AirTree Ventures, One Ventures, and others. With this round the HR tech startup is closer to their Unicorn goal, having brought up the valuation to $901.5 million, with a total of $286 million raised.

Founded in 2014, Employment Hero currently serves over 80,000 companies with their ecosystem of HR solutions and is known to reduce overall management time by 80%. As per the co-founder and CEO, the raised funds will be instrumental in developing more user-friendly solutions. The startup is known for its fully integrated solutions, and they aim to create an ecosystem-like experience for both employers and employees.

To ensure this end, the HR management platform has acquired the local payroll solution provider, KeyPay. Employment Hero will now be able to integrate all possible HR solutions such as talent management, payroll, e-benefits, as well as core solutions in their service offerings. Not only does the acquisition of KeyPay provide Employment Hero with the ability to serve payroll solutions, but it also opens them up to new markets where the former already has a footprint, such as Malaysia, Singapore, the UK, and New Zealand.

The Australian HR tech market is now worth $12 billion, and Employment Hero is definitely riding the wave with a 110% growth in the last financial year. Other major players in the market include Flare HR, Source, Culture Amp, Employment Innovations, and MentorLoop. Officials from Employment Hero stated that they are confident about the high-wave lasting throughout the current financial year.

The next steps for the rapidly growing HR tech startup are probably the Southeast Asian market, with Malaysia and Singapore-based SMEs being key targets.

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