Workforce management software platform, Deputy, has raised the largest Series B fund in Australia. The $81 million funding round was led by Silicon Valley-based venture capital firm IVP, known for its investment in startup successes such as Dropbox, Snap, Slack and Twitter.
Alongside IVP, the others who participated in the funding round include OpenView, who had led Deputy’s $25 million Series A round, with Australian VC firms Square Peg Capital and EVP also participating.
This brings Deputy’s total funding to date to $106 million. With the latest fund raise it will accelerate growth, transform the future of hourly-paid work through new, innovative products and build Australia’s finest product and engineering team.
“IVP has a long history backing some of the most forward-thinking technology companies, many of which are solving some of the world’s biggest problems, and Deputy certainly fits within that criteria,” said Eric Liaw, General Partner at IVP, who will join Deputy’s board as part of the terms of the deal.
The startup has more than one million users, and works with businesses like Amazon, Uber, HubSpot and Compass to empower their hourly-paid workforce. Deputy gives employees and employers simple-to-use software to help with time management, scheduling and other critical workplace operations.
“At Deputy, we’re making the lives of employers easier. Taking away some of the administrative strain and giving them untold hours back to focus on what matters: running their businesses, or spending time with their families,” said Deputy’s CEO and Co-Founder Ashik Ahmed. “We’ve had immense success up until now, but we’re only just getting started.”
“There are 2.3 billion hourly-paid workers in the world today, but too many of these are still managing their jobs in archaic ways,” continued Ahmed. “The opportunity here is huge: we envisage a day where every single shift being worked is powered by Deputy — and this funding allows us to build the best product and engineering team in the world that helps us get there.”
The future of work is transforming dramatically. In a trend that started decades ago, businesses and workers around the world are moving toward flexible, hourly-based work. While this offers both businesses and employers greater freedom, the coordination of shifts and schedules presents an increasingly complicated set of pain points for workers and businesses.
Currently, Deputy has more than 200 employees across Australia, the U.S. and the UK. But that is all about to change.
“From a humble team of two in a back office in a southern Sydney suburb a decade ago, our team is now 200 strong,” said Ahmed. “With our new partner investors on board, we will be nearly significantly growing our team globally, with the lion’s share of head count pegged for building out Australia’s biggest and best engineering team as we rapidly continue to onboard leading tech talent from around the world.”
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