Company administration software program organization HoneyBook raises $250m, doubles valuation

Israeli-established business enterprise administration software organization HoneyBook declared Wednesday that it elevated $250 million in a Series E spherical, 6 months after raising a $155 million investment decision and starting to be a tech unicorn, a non-public corporation valued at around $1 billion.

The latest funding round values HoneyBook at around $2 billion. The investment decision was led by Tiger Global Administration with participation from Strong Cash Partners LP, Norwest Undertaking Partners, Citi Ventures, and OurCrowd, the enterprise stated in a statement.

HoneyBook was founded eight yrs ago in San Francisco by Israeli spouse-and-spouse staff Oz Alon and Naama Alon, along with Dror Shimoni. The firm designed an online organization and money administration system for modest corporations, business owners and freelancers that will allow them to handle clientele and tasks, deal with contracts, gather payment, and automate e-mail and responsibilities. It serves customers across the US and Canada.

The COVID-19 pandemic has benefited the firm, as consumers’ interactions with businesses changed, necessitating the greater adoption of electronic resources to guidance their growth, the business has stated in the previous.

“The US is in the middle of a workforce revolution that is driving the continued rise of the unbiased enterprise financial system,” the enterprise explained in a statement Wednesday, adding that its total bookings on the system have now surpassed $5 billion, which includes $1.8 billion in 2021 alone.

“The workforce of currently is in search of higher autonomy more than their professions, flexibility in the way they live their life and fulfillment from the operate they do–and that’s what it signifies to be an independent,” claimed Oz Alon, who serves as CEO. “HoneyBook empowers company homeowners with the tools and sources they require to personal their independence with passion and intent.”

HoneyBook stated it will use the financial commitment to progress products enhancement and give “even better value” to a rising independent workforce.

“We’re witnessing unparalleled variations in the American workforce and enormous momentum to unbiased do the job. With a tested keep track of document of innovation and decisive motion, HoneyBook is the finest-in-current market remedy to help the good results of this rising group of impartial corporations,” explained John Curtis, partner at Tiger World-wide Administration.

“We seem ahead to strengthening our partnership with this visionary firm as they power the future of get the job done,” included Curtis.

Israeli providers establishing business software package have surged in valuation in current months. In September, world payroll and payment administration platform Papaya Worldwide soared to a valuation of $3.7 billion immediately after raising $250 million in a new funding round, its 3rd in much less than a yr.

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

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