Employment Hero eyes its first profit as it fends off international challengers — Capital Brief

Employment Hero’s $263 million Series F was the biggest capital raise in the startup’s history. It may also be its last.

The HR tech outfit will become profitable for the first time later this year, co-founder and CEO Ben Thompson told Capital Brief, adding he has no desire to raise more cash from venture capital firms.

“We don’t foresee doing another capital raise unless there was some opportunity to acquire something and we needed more capital for that,” he said. “As it stands today, we have more cash than we’re ever likely to burn.”

Since its inception in 2014, Employment Hero has become one of Australia’s biggest startups, with its valuation nearing $2 billion last year. If everything goes according to plan, it will become sustainably profitable and no longer need venture backing.

In other words, it will no longer be a startup.

It’s not the only deadline Thompson has set. By the time Employment Hero’s workforce arrives Bali for its September annual retreat, the company will have launched a bundle of upgrades to its platform under the name Employment Unlimited. These upgrades include Swag, its app for job seekers, and SmartMatch, its AI play.

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Employment Hero eyes its first profit as it fends off international challengers — Capital Brief:

Employment Hero’s $263 million Series F was the biggest capital raise in the startup’s history. It m…

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