Employment Hero, one of the world’s leading employment management platforms, announced today a Series F growth round of RM794 million* to fuel its rapid global expansion.
This funding* (subject to Foreign Investment Review Board approval) follows the company’s 2022 Series E, bringing the total capital raised to over RM1.98 billion. These funds have been instrumental in developing a comprehensive ecosystem of products and services through its all-in-one platform, enhancing the employment experience for both employers and employees.
Through seamless vertical integration, Employment Hero has created a unified platform for recruiting, onboarding, payroll, and talent management. This streamlined process provides peace of mind to business owners and managers, allowing them to focus on growing their enterprises.
For employees, the Employment Hero super-app, ‘Swag,’ serves as a real-time control center, empowering them to efficiently manage their work and finances. The app offers a variety of benefits, helping members save thousands of ringgit annually—a particularly valuable solution given the challenges posed by global inflation and rising living costs.
This fundraising effort, led by TCV, propels the company’s growth into key international markets.
For founders Ben Thompson and Dave Tong, this funding represents a significant endorsement of their vision to establish the world’s premier employment infrastructure and community—a sector currently valued at around RM6 trillion annually.
“Although we were not actively seeking funding, our growth story attracted substantial interest from investors. This confidence in our vision enabled us to strategically strengthen our financial position, even amidst a challenging funding landscape. TCV, a prominent technology investor with a remarkable track record supporting widely-used digital platforms like Airbnb and Spotify, is now a part of our journey in revolutionizing employment,” said Ben.
“Within the next 12 months, Employment Hero will transcend the traditional boundaries of HR and Payroll. We are opening doors to a world where talent flows effortlessly, akin to water through a pipe, directly to your doorstep.
“This is the future we are shaping. Businesses can seamlessly tap into our unparalleled talent pool, with automatic compliance and compensation mechanisms. No more wasted time or hassle in growing your business.
“We are on track to become the world’s largest centralized payroll and recruitment hub, reaching every market with our highly automated infrastructure. We have our sights set on becoming a business exceeding RM150 billion, aligning our financial aspirations with the scale of our global vision.”
Muz Ashraf, Partner at TCV, expressed his enthusiasm, stating, “We are excited to support Employment Hero in enhancing employment experiences for employers and employees worldwide.
“We have had the privilege of knowing Ben, Dave, and the entire Employment Hero team for several years and have been deeply impressed by their creativity, determination, and speed in addressing the fundamental challenges faced by small to medium-sized businesses.”
“Employment Hero is a top-notch HRIS platform, distinguished by its integrated HR and payroll functionality across various geographical locations,” added Alexander Wortmann, Partner at TCV.
“By connecting businesses with a vast pool of talent, Employment Hero is redefining recruitment and payroll processes for the modern age. We eagerly anticipate partnering with Employment Hero’s talented team to execute this exciting growth trajectory and global expansion.”
Employment Hero’s previous supporters, Insight Partners, AirTree, Seek, and OneVentures, also participated in this funding round.
