Total amount raised
A$50 Million
Latest funding date
11/01/2020
Location
Flare has successfully raised funds through three distinct funding rounds, attracting investments from notable venture capital firms like Point72 Ventures and Acorn Capital, as well as corporate investors such as MYOB. The most recent funding activity includes a Series C round, which also saw MYOB acquiring Flare.
The platform offers free HR software that includes employee benefits management, digital onboarding, and salary packaging, integrating with over 30 HR and payroll systems. Keep reading to explore the intricacies of Flare's fundraising journey and the investors backing this innovative platform.
What Is Flare?
Flare is a financial service company based in Sydney, New South Wales, Australia. It offers paperless onboarding, employee benefits, and employee management solutions. The company operates within the Financial Services, FinTech, Employee Benefits, Employment, Human Resources, Information Technology, SaaS, and Software industries.
With an employee count ranging from 101 to 250, Flare has successfully raised funds through multiple rounds, including a Series C round. The company has been acquired by MYOB, further solidifying its position in the market.
How Much Funding Has Flare Raised?
- Series Unknown
- Amount Raised: AUD 7,000,000
- Date: August 2017
- Lead Investors: Reinventure
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance Flare's HR and employee benefits platform and expand its market presence.
- Series B
- Amount Raised: AUD 21,000,000
- Date: August 2018
- Lead Investors: Point72 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and further develop Flare's suite of HR and financial wellness solutions.
- Series C
- Amount Raised: AUD 22,000,000
- Date: November 2020
- Lead Investors: MYOB
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To improve B2B solutions, expand workplace financial products, and address challenges posed by the COVID-19 pandemic.
Total Amount Raised: AUD 50,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- MYOB
- Details: MYOB is a leading Australian technology company that acquired Flare. They specialize in business management solutions, including accounting, payroll, and HR software.
- Investment Focus Areas: Business management solutions, accounting, payroll, HR software.
- Notable Investments: MYOB itself is a significant player in the tech space, focusing on solutions for SMEs and enterprises.
- Point72 Ventures
- Details: Point72 Ventures is a global venture capital firm. They invest in early-stage companies across various sectors.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: Investments in various tech startups and innovative companies.
- Reinventure
- Details: Reinventure is a venture capital firm based in Australia. They focus on investing in innovative startups.
- Investment Focus Areas: FinTech, technology, startups.
- Notable Investments: Investments in various early-stage tech companies.
- Acorn Capital
- Details: Acorn Capital is an Australian investment firm. They specialize in investing in small and micro-cap companies.
- Investment Focus Areas: Small and micro-cap companies, various sectors.
- Notable Investments: Investments in emerging companies with high growth potential.
- David Fite
- Details: David Fite is an individual investor and advisor. He has a background in technology and financial services.
- Investment Focus Areas: Technology, financial services.
- Notable Investments: Specific investments are not detailed, but he is noted for his advisory role.
What's Next for Flare?
Flare's future looks promising as it expands beyond HR into a comprehensive financial wellness solution. The partnership with MYOB opens doors to a vast customer base, including SMEs and enterprise clients, potentially serving over 2,500 businesses and 650,000 employees. This expansion aligns with industry trends emphasizing the importance of financial wellness and digital solutions for remote workforces.
With the successful Series C round, Flare is well-positioned for future fundraising opportunities. The involvement of high-profile investors like MYOB and Malcolm Turnbull suggests continued investor interest. However, challenges such as adapting to post-pandemic workplace dynamics and integrating with existing HR platforms remain. Flare's focus on innovation and product development will be crucial in navigating these hurdles and maintaining its competitive edge.
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