Monday, March 20, 2023

Standalone accounting platform Hnry books $35 million Series B

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New Zealand-founded financial fintech Hnry has raised A$35 million in a Series B as it looks set to go global.

The round was led by local VC AirTree Ventures, backed by existing New York-based lender Left Lane Capital, Akshay Kothari, co-founder of California software company Notion, and Athletic Ventures, the sports star investment syndicate that includes AFL players Matt de Boer and Toby Greene, bowler Mitchell Starc and basketball player Matthew Dellavedova.

The increase means Hnry, founded in 2017 by James and Claire Fuller, as an all-in-one digital accounting service for contractors, freelancers, artisans and other self-employed people, has now raised $53 million

Hnry crossed the ditch to Australia in 2020 and is off the country fastest growing accounting fintech. The new capital will fund plans to double the workforce, expand internationally and product innovation. .

Hnry Australia’s managing director Karan Anand said the company’s revenue has tripled while its customer base has quadrupled over the past 12 months.

“We are pleased that AirTree Ventures and Athletic Ventures have invested in Hnry. They bring a wealth of experience and expertise, as well as a very impressive track record in this field,” he said.

“It is also great to see existing investors continue to make further investments, demonstrating their continued enthusiasm for the Hnry service and their excitement about our future journey, including expansion in Australia and potentially other markets.”

“The self-employed in Australia have long been an afterthought when it comes to tax, finance and financial services, so it’s exciting and rewarding to build the business so we can bring our offering to many more people.”

This is reported by the investment syndicate, managing partner of Athletic Ventures, Matt de Boer was attracted to Hnry or for two reasons.

“The growth trajectory makes sense from an investment perspective. But the product itself resonates deeply with our investors,” he said.

“Many top athletes are self-employed and they have to be firm in their focus. A service that can take the stress and hassle out of the load means one less thing to worry about – allowing them to devote all their energy and focus to being the very best at what they do.”

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