Humanforce, a Sydney based global provider of workforce management solutions, has announced it has secured A$22.5M in growth equity investment from Accel-KKR, a leading Silicon Valley technology-focused investment firm.
Humanforce will use the funding to rapidly expand its operations in Europe, Asia and North America building on its successful entrance into these markets. Humanforce is a SaaS workforce management solution for contingent workforces that includes HR, time and attendance, rostering, employee availability and payroll data to manage and engage employees.
“With companies rapidly leveraging flexible talent Humanforce is leading the charge in the gig-economy as contingent workforces become mainstream. Managing this type of workforce presents unique challenges that legacy technology vendors aren’t built to solve. Humanforce is uniquely positioned to serve the gig-economy and capture a disproportionate share of the market as its solutions were purpose built with these challenges in mind. Our growth equity investment will help the company’s operations scale to take advantage of this opportunity,” said Accel-KKR Principal Joe Porten, who will join the board of Humanforce.
Why has Humanforce attracted this funding?
Accel-KKR’s funding comes to Humanforce on the heels of several consecutive years of accelerating subscription revenue growth and new customer acquisitions. During this time the company successfully transitioned to a SaaS model with sustained profitability and growth. With Accel-KKR’s funding, the company will expand to help more global customers with a specific focus on the North American market.
Bruce Mackenzie, Managing Director, Humanforce said: “The contingent workforce is a global revolution in the way we live and work. Today’s mobile worker presents multiple challenges for employers when it comes to tracking, planning and payment. This complexity has meant that traditional tech platforms in our industry simply aren’t fit for purpose, and ultimately leave both employer and worker frustrated. Partnering with Accel-KKR, we’re excited to rapidly expand Humanforce’s capacity to revolutionise the contingent workforce.
