Technology Crossover Ventures (TCV), with Insight Partners, AirTree, Seek Investments and OneVentures → Employment Hero
completedDeal announced2023-10-18
BuyerTechnology Crossover Ventures (TCV), with Insight Partners, AirTree, Seek Investments and OneVentures
SellerEmployment Hero
SectorTechnology
ValueA$263.0M
Deal typeVC
Australian HR and payroll SaaS platform Employment Hero raised a A$263 million Series F round led by US growth investor TCV, with participation from existing backers Insight Partners, AirTree, Seek Investments and OneVentures, pushing the company's valuation above A$2 billion.
Why the buyer wanted it
TCV general partner Muz Ashraf said the SME HR software market Employment Hero addresses is "still quite greenfield," pointing to significant growth potential.
Why the seller agreed
Employment Hero raised the capital to fund international expansion and accelerate the global rollout of its AI-driven recruitment tool, SmartMatch, as part of its "Swag" super-app strategy for SMEs.
Stock reaction
Not applicable — Employment Hero is a private company.
Deal mechanics
Deal structure
Series F primary equity funding round