Business software

Enterprise software company HoneyBook valued at $ 2.4 billion after funding led by Tiger Global

By Niket Nishant

(Reuters) – HoneyBook, a company that helps freelancers with client management and other business functions, said on Wednesday that its latest $ 250 million funding round, led by investment giant Tiger Global Management , had valued it at $ 2.4 billion.

The latest cash injection helped San Francisco-based HoneyBook more than double its valuation from its previous cycle in May of this year, and took its total fundraising since its inception in 2013 to $ 498 million. .

The cycle also attracted investment from Durable Capital Partners, Norwest Venture Partners, Citi Ventures and OurCrowd.

Venture capital firms have invested money in enterprise software developers, betting on a post-pandemic shift in work preferences.

Deel, a company that offers payroll and compliance tools to facilitate remote recruiting, was valued at $ 5.5 billion after funding last month, while coding platform GitLab Inc also made its mark. debuted in the market recently and is valued at around $ 16.6 billion, according to data from Refinitiv. .

“Today’s workforce seeks greater autonomy over the course of their career,” said Managing Director Oz Alon, adding that such trends will continue even after the pandemic.

The demand for tools to manage back-end business tasks has increased as more people shun traditional employment and become independent business owners, adding to HoneyBook’s appeal, the company said. company in its press release.

HoneyBook’s platform helps independent businesses stay organized by streamlining customer flows, managing cash flow, and helping customers with communications and payments with customers.

Its clients, which include web designers, photographers and florists, also use HoneyBook’s equity product to apply for loans with no late fees.

(Reporting by Niket Nishant in Bengaluru; editing by Uttaresh.V)


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