OneVentures backs Australia's Employment Hero

The investment also included participation by AMP New Ventures. According to a statement, the capital will be used to expand the company's HR, payroll, employee benefits and financial services offering into the UK.

This effort is hoped to leverage significant growth in the HR marketplace over the next 10 years as businesses invest in staff optimization and automation.

"Companies around the world are increasing their investment in HR infrastructure with spend in excess of $100 billion per annum and including other benefits potentially up to $1 trillion," said Michelle Deaker, managing director and CEO at OneVentures. "The Australian market alone is worth in excess of $500 million with payroll $2 billion and financial services and mortgages commissions in excess of $7 billion."

Founded in 2013, Employment Hero offers a free cloud-based HR software services platform with a mobile app and payable premium content. The platform currently has 35,000 Australian employees and 500 employers signed up. The company has partnerships in the superannuation, health and mortgage industries, including all of Australia's retail super funds and private health fund Bupa.

OneVentures focuses on technology companies with large addressable global markets, including financial services. The firm claims A$170 million in funds under management. It recently launched its Innovation and Growth Fund II which will focus on growth and expansion stage start-ups with a corpus of A$100 million.

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• Topics
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