Fintech firm Hnry has raised $35 million in its latest capital raise with plans to double staff numbers as part of its growth and product development plans.
The company, which operates an online accounting platfom, said its capital fundraising was oversubscribed, with investment from a number of new and existing investors, bringing the total amount raised by the company since 2018 to nearly $60m.
The latest backers included Airtree, one of Australia’s largest venture capital firms, Athletic Ventures, an Australian investment firm of high-profile athletes, as well as returning investors, including New York’s Left Lane Capital and New Zealand’s Icehouse Ventures.
Hnry co-founder James Fuller said the latest capital round will help the company to reach more sole traders on both sides of the Tasman.
“In the last twelve months, we’ve tripled our revenue, and want to double again this year and grow our team to 150 across Australasia,” Fuller said.
“This significant investment sets us up really well for the future. Our investors can see the potential for Hnry to grow, enter new markets, as well as develop and offer new products and services.
“Their sentiment echoes what we hear from our customers across multiple industries and professions, who say our service is a game-changer when dealing with the burden of financial administration that comes from being self-employed.”
Fuller said Hnry offered an efficient all-in-one service with high rates of compliance that came at a low cost to customers, most of whom were sole traders, including freelancers and small businesses.
Story Credit: rnz.co.nz