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- Employment Hero
Employment Hero Revenue, Valuation, Funding & Investors
Employment Hero is valued at $1.2B as of October 2023, a 5.6x multiple on its last reported $213M revenue.
Last Employment Hero valuation
$1.2B
Series F · Oct 2023
Last Employment Hero funding round
$167M
Series F · Oct 2023
Employment Hero revenue
$213M
Series F · Oct 2023
Key investors in Employment Hero
OneVentures
Airtree Ventures
Seek Investments
Insight Partners
Salesforce Ventures
TCV
About Employment Hero
Employment Hero is a Sydney-headquartered HR software platform serving over 300,000 businesses primarily in Australia and New Zealand. The cloud-based system integrates payroll processing compliant with Fair Work Act regulations, employee onboarding via mobile app, and benefits administration including superannuation management. It connects users to a marketplace of 10,000 perks from partners like Gympass and Bupa. Founded in 2014, the company expanded to the UK in 2022, automating shift rostering and performance reviews for retail and hospitality sectors.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$213M (Oct 2023)
Valuation
$1.2B (Oct 2023)
Employment Hero Valuation
Employment Hero is currently valued at $1.2B, based on its Series F in October 2023.
The $167M round was led by TCV, with participation from OneVentures, Seek Investments, Insight Partners and Airtree Ventures.
Employment Hero's valuation has grown 6.3x from $190M at its Series D in March 2021 to $1.2B in October 2023, across 4 priced rounds.
Employment Hero valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2023 | Series F | $1.2B | 5.6x |
| Feb 2022 | Series F | $908M | - |
| Jul 2021 | Series E | $568M | - |
| Mar 2021 | Series D | $190M | - |
Employment Hero Revenue
Employment Hero's latest recorded revenue is $213M, as of its Series F in October 2023. At a $1.2B valuation, that implies a 5.6x revenue multiple.
Employment Hero revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2023 | $213M | $1.2B | 5.6x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Employment Hero Funding History
Employment Hero has raised a total of $461M across 8 funding rounds, plus 1 secondary share sale.
Employment Hero's first fundraising round was a $3M Series A in June 2016. The most recent completed round was a $167M Series F in October 2023.
Employment Hero funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2025 | Secondary | KKR (lead) | $59M | - | Employment Hero is a global leader in employment management solutions and HR software, offering a cloud-native platform for small and medium businesses across markets including Australia, the UK, and Canada. The company recently acquired leading Canadian employment platform Humi in January 2025, building on its strong growth momentum. On February 17-18, 2025, funds managed by KKR signed definitive agreements to acquire a stake in Employment Hero from SEEK Growth Fund, with the transaction expected to settle by March 2025. SEEK Growth Fund will receive A$95 million, with SEEK's share approximately A$79 million, implying a company valuation approximately 19% above the valuation in the fund's accounts at June 30, 2024. SEEK Growth Fund will retain a meaningful stake post-transaction. Employment Hero has surpassed A$250 million in annual recurring revenue (ARR). KKR's investment, from its Asia Next Generation strategy, supports the company's platformisation and international expansion efforts. This marks KKR's latest technology growth investment in Australia, following its stake in Advanced Navigation. |
| Oct 2023 | Series F | TCV (lead); OneVentures; Seek Investments; Insight Partners; Airtree Ventures | $167M | $1.2B | Employment Hero is an Australian HR tech company founded in 2014, offering an integrated Employment Operating System (eOS) that combines HR, payroll, recruitment, employee engagement, and financial wellbeing tools via its superapp EH Work, targeting SMEs with 5-500 employees across Australia, UK, Southeast Asia, Canada, and 144 countries through its Global Teams employer-of-record service. In October 2023, Employment Hero raised $167 million (A$263 million) in a Series F funding round led by TCV, with participation from existing investors Airtree Ventures, Insight Partners, OneVentures, and Seek Investments, bringing total funding to A$650 million; the round valued the company at $1.2 billion USD, up from a previous $800 million, with proceeds allocated to international expansion, particularly in the UK and Southeast Asia, and platform development. At the time of the round, Employment Hero supported around 300,000 businesses globally, processing payroll for millions of employees. Later estimates from Sacra placed ARR at $163 million in January 2025, while the company announced surpassing A$300 million ARR in October 2025, with A$30 million added in H1 2025, alongside first EBITDA-positive month in December 2024 and year-to-date positivity, on track for a full profitable year. The company's B2B SaaS model includes tiered subscription fees starting at AU$12 per employee/month, transaction-based payroll pricing, Global Teams EOR premiums, and commissions from its Hero Rewards marketplace; it leverages high switching costs for retention and has pursued geographic expansion via acquisitions like Toronto-based Humi. Employment Hero positions itself among few global SaaS firms achieving scale with profitability, handling over A$100-120 billion in annual wages, reducing admin burdens by up to 80%, and embedding AI into employment workflows amid sustained 30%+ growth. |
| Feb 2022 | Series F | Seek Investments (lead); OneVentures; Airtree Ventures | $132M | $908M | - |
| Jul 2021 | Series E | Insight Partners (lead); Salesforce Ventures; OneVentures; Airtree Ventures | $103M | $568M | Employment Hero is an automated human resources, payroll, and benefits platform designed for small and medium-sized enterprises (SMEs). Founded in Sydney in 2014 by Ben Thompson and Dave Tong, the company provides integrated solutions for HR, payroll, and employee benefits management. The Series E funding round closed on July 20, 2021, led by Insight Partners with participation from existing investors. The company raised A$140 million (approximately US$103 million) in this round. The new post-money valuation of A$800 million represented a significant milestone, more than tripling the company's previous valuation of approximately A$250 million from its Series D round announced just four months earlier in March 2021. At the time of the Series E round, Employment Hero reported exceptional traction metrics: the platform was used by 6,000 businesses managing 250,000 employees, and the company processed A$14 billion in gross wages over the prior 12 months. The company achieved 133% year-over-year recurring revenue growth, demonstrating strong market demand. Employment Hero was expanding into Southeast Asian and Western European markets, positioning itself to become one of Australia's next technology unicorns. Insight Partners' investment reflected confidence in the company's customer-centric solutions and its ability to capitalize on the growing demand for remote work and HR technology solutions during the global pandemic period. |
| Mar 2021 | Series D | Seek Investments (lead); Salesforce Ventures; OneVentures; TCV; Airtree Ventures | $34M | $190M | Employment Hero is a global employment operating system providing integrated HR, payroll, recruitment, and employee engagement solutions for small and medium-sized businesses. The company supports over 350,000 businesses worldwide and facilitates more than $120 billion in annual payments. As of October 2025, Employment Hero surpassed AUD $300 million in annual recurring revenue (ARR), representing a tenfold increase over five years, and achieved EBITDA profitability on a monthly and year-to-date basis in 2025, with expectations to deliver its first full EBITDA-positive year. |
| Jul 2019 | Series C | Seek Investments (lead); OneVentures; Airtree Ventures | $15M | - | - |
| Mar 2018 | Series B | OneVentures (lead); Seek Investments (lead); AMP Capital Investors; Airtree Ventures | $6M | - | Employment Hero is an Australian HR, payroll, and benefits platform founded in 2014. Investors including OneVentures and Seek Investments participated in its early funding rounds starting around 2016-2017. The specific $6.1 million round on March 26, 2018, matches the listed investors but lacks published financial details such as valuation or revenue metrics. |
| Nov 2016 | Series A | OneVentures (lead); AMP New Ventures; Airtree Ventures | $2M | - | - |
| Jun 2016 | Series A | OneVentures (lead); AMP New Ventures; Brisbane Angels | $3M | - | Employment Hero is an Australian HR and payroll platform founded in 2014 by Ben Thompson and Dave Tong that provides end-to-end recruitment, HR, and payroll solutions for small and medium-sized enterprises. In June 2016, the company raised $3 million in Series A funding from OneVentures and AMP New Ventures, with AirTree Ventures later contributing an additional $1.5 million to the same round. The company experienced rapid subscriber growth, with its subscriber base growing 300% in the first nine months of 2016, and the team projected reaching 100,000 active users by 2017. The funding was used to invest in product development, broaden the company's offering, and expand customer acquisition strategies, including expansion into the UK market. |
Who has invested in Employment Hero?
10 investors have backed Employment Hero across its funding rounds, including OneVentures, Airtree Ventures, Seek Investments, Insight Partners, Salesforce Ventures and TCV.
Lead investors include KKR, TCV, Seek Investments, Insight Partners and OneVentures.
Employment Hero Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 8 | Lead | Jun 2016 | ||
| 7 | Participant | Nov 2016 | ||
| 5 | Lead | Mar 2018 | ||
| 2 | Participant | Mar 2021 | ||
| 2 | Participant | Jun 2016 | ||
| 2 | Lead | Mar 2021 | ||
| 2 | Lead | Jul 2021 | ||
| 1 | Lead | Feb 2025 | ||
This data is available for Pro users. Sign up to see all 10 Employment Hero investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Employment Hero
Employment Hero has acquired 3 companies to date.
Last acquisition by Employment Hero was on January 8th 2025. Employment Hero acquired Humi for $155M.
Latest Acquisitions by Employment Hero
| Description | Humi is a comprehensive HR platform offering payroll, benefits, and insurance automation for Canadian businesses. Toronto-headquartered, it handles onboarding, time tracking, performance reviews, and compliance. The cloud software serves small to mid-sized enterprises across provinces with integrated employee self-service portals. | Employment Innovations is an Australian outsourced employment services firm providing managed payroll processing and HR and workplace relations advisory to employers. Established more than three decades ago and based in Sydney, it runs pay cycles on behalf of client businesses and sells subscription HR advice and industrial relations support, earning service fees rather than software licence revenue. Employment Hero was originally incubated inside the business in 2013 before being spun out as a separate company. | KeyPay is a cloud payroll and workforce management software tailored for Australia and New Zealand. The platform handles employee scheduling, timesheets, leave management, and compliant payroll processing for over 50,000 businesses. Sydney-headquartered KeyPay integrates with Xero and MYOB, supporting single-touch payroll reporting to government agencies. |
| HQ Country | |||
| HQ City | Toronto | Sydney | Sydney |
| Deal Date | 8 Jan 2025 | 9 Apr 2024 | 18 Feb 2022 |
| Valuation | $155M | $28M | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Employment Hero acquisitions and their M&A valuation multiples. Start Free Trial | |||
Employment Hero Competitors
Employment Hero competitors include listed companies like Freee and ATOSS Software, and private ones like Creatio, Gem, Nowsta and Oyster.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.2B | - | ||
| Publicly listed | $214M | $6M | $1.5B | 4.8x | ||
| Publicly listed | $218M | $84M | $1.7B | 6.4x |
Employment Hero Public Comps
Employment Hero is still privately-owned, but its public comps include Freee, ATOSS Software, Hilan, Teamshares, Nordtech Group, AdvancedAdvT, Beisen Holding, Zaggle Prepaid Ocean, Asure Software and DHI Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $214M | $6M | 6.3x | 4.8x | 237.7x | 65.4x | |||
| $218M | $84M | 7.0x | 6.4x | 18.2x | 17.1x | |||
| $993M | $154M | 1.8x | - | 11.9x | - | |||
| $472M | ($23M) | 1.7x | 1.4x | (35.0x) | 33.2x | |||
| $72M | $15M | 5.1x | - | 25.2x | - | |||
| $72M | $13M | 2.5x | 2.4x | 14.1x | 8.9x | |||
| $165M | $2M | 0.3x | 0.3x | 22.3x | 5.2x | |||
| $199M | $20M | 1.0x | 1.0x | 10.4x | 10.7x | |||
This data is available for Pro users. Sign up to see all Employment Hero competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Employment Hero
| When was Employment Hero founded? | Employment Hero was founded in 2014. |
| Where is Employment Hero headquartered? | Employment Hero is headquartered in Sydney, Australia. |
| Is Employment Hero publicly listed? | No, Employment Hero is a private, VC-backed company. |
| What is Employment Hero's valuation? | Employment Hero was last valued at $1.2B in its Series F in October 2023. |
| How much funding has Employment Hero raised? | Employment Hero has raised $461M across 8 funding rounds. |
| What was Employment Hero's last funding round? | Employment Hero's last funding round was a $167M Series F in October 2023, led by TCV. |
| Who are Employment Hero's investors? | Employment Hero's investors include OneVentures, Airtree Ventures, Seek Investments, Salesforce Ventures, AMP New Ventures, TCV, Insight Partners, KKR, Brisbane Angels and AMP Capital Investors. |
| What is Employment Hero's revenue? | Employment Hero's latest recorded revenue is $213M (October 2023). |
| What is Employment Hero's revenue multiple? | Employment Hero's latest valuation implies a 5.6x revenue multiple ($1.2B valuation on $213M of revenue). |
| Which companies are comparable to Employment Hero? | Companies comparable to Employment Hero include Creatio, Gem, Nowsta, Oyster, Freee and ATOSS Software. |
| How many companies has Employment Hero acquired? | Employment Hero has acquired 3 companies, including Humi, Employment Innovations and KeyPay. |
| What was the largest acquisition by Employment Hero? | The $155M acquisition of Humi in January 2025 is the largest acquisition Employment Hero has made to date. |
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