# Flare HR

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/flare-hr-pty

- Industry: Software
- Headquarters: Sydney, Australia
- Website: www.flarehr.com
- Total disclosed funding: $49M
- Latest round: Series C (Nov 2, 2020)
- Investors on record: 10

## About

Flare HR Pty Ltd. is a leading provider of tailored human resource solutions, offering digital onboarding and employee benefits management to enhance workplace efficiency and employee satisfaction.Founded in 2015 by Daniel Cohen and James Windon, Flare HR is based in Sydney, Australia. The company focuses on providing a user-friendly platform for businesses to manage HR functions effectively. In September 2022, Flare HR was fully acquired by MYOB Australia Pty Ltd, a portfolio company of KKR, from several investment firms. This acquisition allowed Flare HR to operate as a standalone entity, aiming to connect small to medium enterprises with essential digital HR tools. The company has completed a total of 8 deals, with the latest funding round of AUD 0.239 mn contributing to a current valuation of AUD 42.052 mn.Flare HR specializes in comprehensive HR solutions, including digital onboarding and employee benefits management. The platform enables businesses to efficiently onboard employees, manage HR functions, and provide benefits such as retail discounts and salary packaging. Flare HR serves various sectors, including healthcare and education, focusing on enhancing employee engagement and retention through streamlined processes and attractive programs.Flare HR generates revenue through subscription-based models, allowing clients to access its HR tools and resources. Businesses subscribe to plans that include digital onboarding, benefits management, and analytics tools tailored to their needs. This B2B transactional structure is designed to support clients' HR functions and employee engagement strategies, providing customized offerings that align with their objectives.Following its acquisition in September 2022, Flare HR plans to leverage MYOB Australia's market presence to enhance its offerings further. This includes the development of new products aimed at expanding its service capabilities. The company will focus on market expansion into new regions, specifically targeting additional sectors in Australia and New Zealand. The recent funding will support these growth initiatives, facilitating the connection of SMEs with quality digital HR tools.

## Funding rounds

- Series C, Nov 2, 2020, $22M — MYOB Australia Pty Ltd, Point72 Asset Management, Acorn Capital
- Series B, Oct 1, 2019, $6.1M — Point72, Acorn Capital
- Series B, Jun 30, 2018, $18M — Tank Stream Ventures, Reinventure, Bridgelane Group, Point72 Asset Management, Acorn Capital, Fergatron Consulting, Invictus Ventures, Flocolo 1 Pty Ltd
- Series A, Sep 26, 2016, $3.5M — Reinventure

## Investors

- Reinventure (https://capitalatlas.ai/funds/reinventure) — Series A, Series B
- Tank Stream Ventures (https://capitalatlas.ai/funds/tank-stream-ventures) — Series B
- Bridgelane Group — Series B
- Point72 Asset Management — Series B, Series C
- Acorn Capital — Series B, Series C
- Fergatron Consulting — Series B
- Invictus Ventures (https://capitalatlas.ai/funds/invictus-ventures) — Series B
- Flocolo 1 Pty Ltd — Series B
- Point72 (https://capitalatlas.ai/funds/point72) — Series B
- MYOB Australia Pty Ltd — Series C