Employment Hero has shrugged off depressed private tech market sentiment to land a $263 million capital raise led by early backers of Spotify, LinkedIn and Facebook.
US investors have led a $263 million funding round in human resources technology firm Employment Hero, sealing the biggest capital raising of the year for a local privately held software business.
After 18 months of depressed start-up valuations and smaller, infrequent raisings struck both locally and overseas, Employment Hero’s is a sign that investor confidence is returning.technology firm Skykraft had raised $120 million from local and international backers, and overnight on Tuesday, US investors took a prominent role in a
“We had a positive experience and received multiple approaches from many exceptional private equity investors … we had plenty of competition and achieved favourable terms, no less favourable than previous rounds,” Mr Thompson said. He said early investors and employees have had plenty of opportunities to realise some of their wealth with secondary sales. OneVentures, for example, sold 55 per cent of its stake to Insight Partners for $55 million in a
Mr Thompson said he was happy with Swag’s growth since launch, which has well over 542,000 employer and employee users, more than 360,000 candidate users, and close to 10,000 wallets activated.
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