Fintech leader in online tax and financial admin for the self-employed, Hnry, has announced a $4.1m capital raise, led by Equity Venture Partners.
This funding round will be used to spearhead Hnry’s growth in Australia and is supported by the appointment of Karan Anand in the newly created role, Head of Australia.
What’s the inspiration for Hnry funding round
Since launching in Australia in 2020, Hnry has grown its user base by 30% month on month.
With more than 1.05m Australians classify their primary occupation as “self-employed”, up by 110k since the start of the pandemic alone, the business is primed for continued expansion.
This oversubscribed third funding round was led by Sydney-based VC firm, Equity Venture Partners (EVP), who first invested in Hnry back in 2019.
EVP’s portfolio also includes technology companies like OneFlare, SiteMinder, and Shippit.
Justin Lipman, Partner at EVP says, “Having worked with the Hnry team for the last 2 years, we have observed first-hand the significant value of their solution within the Australian market.”
“The Government tax system can be daunting for some and Hnry customers have told us that the product has changed their day-to-day workflows for the better, to the point where they can’t live without the service.”
“At EVP we focus on investing in technology companies with vast market opportunities that can change how industries and large sectors of society operate.”
“In a short time since launching in Australia, Hnry is helping thousands of customers within the burgeoning independent earner market.”
“On the back of significant traction within the New Zealand market, we have great belief in the team, product, and future market opportunity for Hnry in Australia.”
To support this expansion, joining the Hnry team in Sydney is Head of Australia, Karan Anand.
Previously a Director in Deloitte’s Strategy Consulting practice, Anand brings 12+ years of experience in strategy, leadership, and technology as well as previous roles as Chair of the Australia India Youth Dialogue and the Young Sikh Professionals Network.
Reinforcement in human resource at Hnry
He will continue to expand the Hnry team locally, driving the business’s strong growth trajectory in the Australian market.
Karan Anand, Head of Australia at Hnry, said “I am thrilled to be joining the Hnry team at a time when more Australians are transitioning into self-employment.”
“The Hnry business is really exciting – the product is genuinely disruptive, the team has an amazing culture, hunger, and relentless focus on customers which has resulted in incredible growth since its foundation.”
“Australia’s self-employed have long been an afterthought when it comes to tax, finances, and services, so being involved in a business that supports the myriad of industries serviced by independent earners is exciting and rewarding.”
Hnry has also welcomed Lynn Hamilton, previously one of the Heads of Engineering at accounting software firm Xero, into the role of Chief Technology Officer.
With a goal to improve Hnry’s award-winning platform, she will drive a focus on greater automation, as well as the introduction of new payments technology and tailored customer self-service options that enhance the Hnry experience.
Hnry’s world-leading online tax and financial admin service is designed specifically for freelancers, contractors, consultants, sole traders, and other independent earners.
The business has strategic relationships with NAB and recently announced partnerships with investment platform Spaceship and payment solution provider Monoova.
The next stage of growth will focus aggressively on expanding Hnry’s Australian footprint – with several key hires in the pipeline, alongside a focus on advocacy for sole traders, and plans for a number of enhancements to its mobile app.
The country’s self-employed got a boost this year with the Morrison Government committing to more training, support, and programmes designed to bolster the sector post-COVID-19.
This reasserts the need for services like Hnry, which can ease the burden that independent earners feel towards tax.
Hnry is an all-in-one service that takes care of all the financial admin for contractors, freelancers, sole traders and the self-employed – allowing them to focus on getting the job done, rather than worrying about tax and compliance.
Hnry provides a pay-as-you-go service, for Invoicing, Expenses, Payments, Taxes and filings.
As Australasia’s fastest-growing accountant and tax agency, Hnry helps individuals to focus on doing what they do best, without having to worry about the burden of financial admin.