IVP, which has big investments in Twitter and Slack, has made its first Aussie investment, ploughing $111 million into local workforce management software company Deputy in one of the country’s largest venture capital raises on record
Sydney based workforce management software maker Deputy has pulled off Australia’s largest Series B funding to date, with Paul Bassat’s venture capital outfit Square Peg Capital coming on board as a major domestic backer.
Workforce management startup Deputy has raised $US81 million ($111 million) in funding in what is the biggest Series B raise in Australian history. Co-founder and chief executive Ashik Ahmed, 38, told Fairfax Media the raise is a “momentous occasion” for the startup which he started with his then-boss, Steve Shelley, 52, ten years ago.
Deputy says the funding will be used to accelerate growth of its business and “transform the future of hourly-paid work through new, innovative products and build Australia’s finest product and engineering team”.
Sydney workforce management startup Deputy has raised $111 million in a Series B funding round led by Silicon Valley firm IVP, which has backed the likes of Dropbox, Slack, and Twitter. The round also saw participation from existing backer OpenView, the Boston VC which led the company’s $25 million Series A round last year, Square Peg Capital, and EVP.
Deputy, the fast-growing workforce management software company, has closed a £63 million series B funding round. The investment will help Deputy, which is headquartered in Sydney but also has major offices in the UK and the US, accelerate growth in Europe and “transform the future of hourly-paid work” through new products.
Deputy – a software firm that helps with scheduling for businesses with hourly paid staff – said its latest investment round brought the app’s total funding to date to £81m.
Atlanta-based Deputy, provider of a workforce management software solution, has raised $81 million Series B funding. IVP led the round. Also participating are OpenView and Australian venture firms Square Peg Capital and EVP.
Last week, Sydney-based startup Deputy bagged a whopping $111 million in a deal touted as Australia’s biggest Series B ever. But what was it about this startup that attracted so much interest? And how did this founder win his investors’ hearts, minds and money?
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