Australian-based human resources tech start-up Employment Hero has secured another $1.5M in series A funding.
The financial blessing comes from Australian venture capital firm AirTree Ventures. The new capital raising represents a 50% increase for Employment Hero, bringing their funding total to $3M.
Employment Hero chief executive Ben Thompson told Australian Financial Review that the start-up had been in talks with AirTree and had left the scope to extend the series A round if the right investor came along.
“We realized they could bring some value to the table with their experience in the online software-as-a-service space,” he said.
“We wanted their expertise and it also made sense for us to extend the round to give us a longer period of time when we would not need to raise capital again.”
Founded in 2014, Employment Hero operates on a freemium model where they allow companies to use their service for free or pay per employee to use the premium model. This year they have increased their subscribers by 300%.