Total amount raised
A$50 Millions
Latest funding date
11/01/2020
Location
Flare has successfully raised funds through multiple rounds, with its latest being a Series C round that closed on November 2, 2020. The company is backed by notable investors, including Point72 Ventures and Acorn Capital.
Flare offers a comprehensive HR software platform focused on digital onboarding and employee benefits, aiming to enhance workplace efficiency and employee satisfaction. Keep reading to explore the intricacies of Flare's fundraising journey and the investors backing this innovative platform.
What Is Flare?
Flare, founded in July 2015, is a Sydney-based company specializing in HR software and employee benefits. The company was established by Colin Mierowsky, Daniel Cohen, James Windon, Jan Pacas, and Saul Kaplan.
Operating within the realms of employee benefits, financial services, and human resources, Flare offers digital onboarding and employee management solutions. With a workforce of 101-250 employees, the company aims to enhance workplace wellness and employee experience through its comprehensive software platform.
How Much Funding Has Flare Raised?
- Series C
- Amount Raised: A$22M
- Date: November 2020
- Lead Investors: MYOB
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To improve Flare's B2B solutions and expand its suite of workplace financial products, addressing challenges posed by the COVID-19 pandemic.
- Series B
- Amount Raised: A$21M
- Date: August 2018
- Lead Investors: Point72 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Flare's market presence and enhance its digital onboarding and employee management solutions.
- Venture Round
- Amount Raised: A$7M
- Date: August 2017
- Lead Investors: Reinventure
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch new features in Flare's HR software platform.
Total Amount Raised: A$50M. Current Valuation: Not publicly disclosed.
Key Investors
- MYOB
- Details: MYOB is a leading business management platform in Australia and New Zealand. It provides a range of solutions including accounting software, payroll, and business management tools.
- Investment Focus Areas: Accounting software, payroll, business management.
- Notable Investments: Not publicly disclosed.
- Point72 Ventures
- Details: Point72 Ventures is a global venture capital firm that invests in early-stage technology companies. It focuses on driving innovation in various tech sectors.
- Investment Focus Areas: Fintech, artificial intelligence, enterprise software.
- Notable Investments: Not publicly disclosed.
- Reinventure
- Details: Reinventure is an Australian venture capital firm that focuses on fintech innovation. It aims to support startups that are transforming the financial services industry.
- Investment Focus Areas: Fintech, digital banking, blockchain.
- Notable Investments: Not publicly disclosed.
- Acorn Capital
- Details: Acorn Capital is an investment firm that focuses on small and emerging companies. It aims to provide growth capital to businesses with high potential.
- Investment Focus Areas: Small and emerging companies, growth capital.
- Notable Investments: Not publicly disclosed.
- David Fite
- Details: David Fite is an individual investor who has joined Flare as a special advisor. He brings a wealth of experience and expertise to the company.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for Flare?
Flare's future looks promising as it expands into a full suite financial wellness solution, leveraging its partnership with MYOB to deliver digital products to a broader audience. This opportunity is significant, with the potential to serve over 2,500 businesses and 650,000 employees nationwide, and to integrate with numerous HR and payroll platforms.
Given the successful Series C round and the involvement of high-profile investors, Flare is well-positioned for future fundraising opportunities. The company may attract further investments to support its growth and innovation in financial wellness solutions. However, challenges such as adapting to changing workplace dynamics and ensuring seamless integration with multiple platforms remain.
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