Business management software firm HoneyBook raises $250m, doubles valuation

Israeli-established small business administration software program company HoneyBook declared Wednesday that it lifted $250 million in a Sequence E round, six months soon after raising a $155 million expense and getting to be a tech unicorn, a personal corporation valued at more than $1 billion.

The latest funding round values HoneyBook at above $2 billion. The investment was led by Tiger World wide Administration with participation from Tough Cash Partners LP, Norwest Undertaking Partners, Citi Ventures, and OurCrowd, the organization claimed in a statement.

HoneyBook was established eight many years ago in San Francisco by Israeli partner-and-spouse group Oz Alon and Naama Alon, alongside Dror Shimoni. The corporation developed an on the web business enterprise and financial administration system for small firms, entrepreneurs and freelancers that will allow them to manage clientele and initiatives, take care of contracts, collect payment, and automate e-mails and responsibilities. It serves clients across the US and Canada.

The COVID-19 pandemic has benefited the company, as consumers’ interactions with organizations modified, necessitating the elevated adoption of electronic equipment to support their development, the organization has said in the earlier.

“The US is in the center of a workforce revolution that is driving the continued increase of the impartial enterprise economic system,” the organization mentioned in a assertion Wednesday, including that its full bookings on the platform have now surpassed $5 billion, together with $1.8 billion in 2021 by itself.

“The workforce of today is in search of bigger autonomy about their occupations, adaptability in the way they reside their lives and success from the do the job they do–and that is what it suggests to be an independent,” explained Oz Alon, who serves as CEO. “HoneyBook empowers business enterprise house owners with the resources and methods they need to own their independence with passion and objective.”

HoneyBook explained it will use the financial commitment to progress products development and supply “even larger value” to a developing independent workforce.

“We’re witnessing unparalleled changes in the American workforce and enormous momentum towards independent operate. With a verified track file of innovation and decisive action, HoneyBook is the best-in-market option to assistance the good results of this rising group of unbiased enterprises,” mentioned John Curtis, spouse at Tiger World Management.

“We glimpse forward to strengthening our partnership with this visionary enterprise as they power the foreseeable future of function,” added Curtis.

Israeli businesses developing enterprise software package have surged in valuation in modern months. In September, world-wide payroll and payment management platform Papaya World-wide soared to a valuation of $3.7 billion after elevating $250 million in a fresh new funding round, its 3rd in much less than a calendar year.

Israeli-co-launched startup Deel was valued at a staggering $5.5 billion past month, up from $1.5 billion in April, following raising $425 million in Collection D funding.

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