Tech startup soars to unicorn status in multi-million pound funding round

A tech startup has reached the ‘unicorn’ mark in a multi-million pound funding round.

Employment Hero, an all-in-one HR, payroll and benefits platform, announced it has closed a £96m funding round, led by return investor SEEK Investments with participation from OneVentures, AirTree Ventures and other shareholders.

This news comes on the heels of Employment Hero’s acquisition of workforce management and payroll solution, KeyPay. With the acquisition, Employment Hero now has over 12,000 SMEs in the UK, collectively managing over 120,000 employees using its platform, and boasts a team of over 500 FTEs globally, with more than 35 in the UK.

KeyPay will still serve the broader industry and its partners, as Employment Hero commits to powering its purpose through all channels, whether directly through its platform or via a myriad of partners, from other HR providers to accountants in public practice to financial institutions.

Founded in 2010, KeyPay has a well-established international footprint which will allow Employment Hero to further accelerate its growth initiatives in these markets and deliver on its purpose ‘to make employment easier and more valuable, for everyone.’

Ben Thompson, co-founder and CEO at Employment Hero, said: “Our latest valuation is recognition of all the hard work everyone has contributed to building a great company and a testament to our mission of creating as many quality employment opportunities as possible. 70 per cent of all jobs on earth are provided by SMEs (who represent 99 per cent of all businesses) but most business owners still feel anxious, under qualified and under-resourced as employers.

“Employment Hero’s four pillars allow us to deliver a complete employment platform and service that people can use to find work, manage work, get paid, spend and save. This, combined with KeyPay joining the Employment Hero family, will set a new bar for what people expect from employment. It’s incredibly exciting and we have a lot of work ahead to continue to make employment easier and more valuable, for everyone.”

Phil Bernie, MD at KeyPay, commented: “We’re excited to become part of the Employment Hero team whilst maintaining our independence as a brand. It opens up incredible opportunities for KeyPay’s staff, customers and partners by adding greater capability and capacity to all areas of the business.

“Joining a company that is aligned on culture, core values and a drive to deliver the best customer experience is an extremely motivating way to kick-start KeyPay’s next chapter.”

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