Accountancy FinTech Hnry has completed a AUD$35 million Series B round funding as it looks to expand internationally and invest in further product innovation as part of its ambitious growth plans.
The company has received more than $60 million in recent funding, courtesy of Australian investor AirTree Ventures, existing investor, New York-based Left Lane Capital, and Athletic Ventures, a syndicate of current and former elite athletes, which represented individual investors such as cricket star Mitchell Starc, NBA basketball player Matthew Dellavedova. Akshay Kothari, Co-Founder and COO of Silicon Valley software company Notion, is also participating in the round.
Hnry’s all-in-one digital accountancy platform handles everything from tax payments and lodgments to invoicing and expenses. Since launching in Australia in 2020, it has become Australia’s fastest-growing specialist accountancy FinTech that has benefited sole traders across the country, saving them hundreds of dollars a year and freeing up time usually spent on financial paperwork.
Hnry will use the capital to fund the platform’s growth in Australia and overseas as it seeks to target the growing market of sole traders including freelancers, contractors and tradies. This focus comes on the back of research revealing that approximately 1.5 million Australians classify their primary occupation as “self-employed”, generating estimated earnings of around $90 biilion a year, with the number of Australians registering as sole traders growing by tens of thousands every year.
“We’re thrilled that AirTree Ventures and Athletic Ventures have invested in Hnry,” Karan Anand, Managing Director of Hnry Australia, said. “They bring a wealth of experience and expertise to the table, as well as a very impressive track record in this space. It’s also great to see existing investors following on with further investment, showing their continued enthusiasm for the Hnry service, and their excitement about our future trajectory, including expansion in Australia and potentially other markets as well. Australia’s self-employed have long been an afterthought when it comes to tax, finances, and financial services, so building the business so we can bring our offering to many more people is exciting and rewarding.”
