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Hnry secures $35m in Series B capital raise

We’ve got some exciting news 🎉

Last year, we went through a capital raise, and secured $35 million to fuel our growth in 2023 and beyond.

(If you don’t know what a capital raise is, it’s when a company raises money by approaching investors and investment firms and offers them shares in return for… well, money.)

Long story short, investors were blown away by Hnry’s mission, values, and team – not to mention the incredible support we get from the sole trader community. Their trust and feedback has been an important part of Hnry’s success so far, and we don’t take that for granted.

The Backstory

After five years of solid growth (including during a pandemic!) we know better than anyone that sole traders are in need of a helping hand. Our research has shown how much time, energy, and money they have to spend in order to navigate a complex system that’s not built for them, and we’re proud to be able to lighten that load.

That’s why Hnry was founded: to help sole traders spend less on financial admin, and more time doing the important stuff. We’ve worked hard to provide a solid solution to the problem, and due to the overwhelming response and demand for our services, we’re growing fast.

To help support this growth, our CEO and Co-Founder James Fuller approached investors and investment firms for a Series B funding round (a Series B happens once a business is established, to help take them to the next level of development).

Despite the current tough economic conditions, the round was oversubscribed (when the demand for shares available exceeds the supply). Our investors were thoroughly wowed by the capability of our team, the strength of our vision, and the praise of our users.

Meet Our Investors

Leading the pack are first-time Hnry investors AirTree Ventures. As one of Australia’s biggest venture capital firms, they’re behind some of the biggest names in the Australasian tech scene, including tech behemoths Canva and Linktree

“We look to invest in products customers love to use, and Hnry’s customers constantly express their love across social media, in surveys, and through their engagement with the product,” says Jackie Vullinghs, Partner at AirTree. “We’re delighted to support the team in continuing to make life easier for sole traders throughout New Zealand and Australia.”

Next up are Athletic Ventures, a firm created by high-profile Australian athletes, including cricket star Mitchell Starc. We’re also proud to have secured investment from New York’s Left Lane Capital, and Notion Co-Founder and COO Akshay Kothari. 

“Our investors can see the potential for Hnry to grow, enter new markets, and develop and offer new products and services,” says Hnry CEO James Fuller. “Their sentiment echoes what we hear from our customers across multiple industries and professions, who say our service is a game-changer.”

Last, but certainly not least, we’re backed for the fifth time in a row by New Zealand firm Icehouse Ventures. CEO Robbie Paul, who first invested in Hnry more than 5 years ago, says Hnry now sits in the top decile of NZ start-ups with the success of its latest raise.

“We’ve increased our investment tenfold over the last four years, which speaks to the unique and incredible trajectory Hnry is on,” he says. “In just a few short years, they’ve created a product adored by self-employed people everywhere, and their growth in the Australian market is just the beginning.”

What Comes Next

The past few years have been rough all round, especially for sole traders who’ve been responsible for every aspect of their own business. Our mission to simplify their financial and tax admin is just the beginning; we want to become advocates for our community, and create helpful resources that help build businesses and sustain families. 

A huge priority for us will be growing and investing in our team – check out our Careers page if you’re interested in joining us! We’ll also be developing new products, and supporting more sole traders than ever before. We promise that big things are happening at Hnry; watch this space.

Here’s to a successful 2023. This capital raise is just the beginning 🥂

DISCLAIMER: The information on our website is for general educational purposes only. It doesn't cover all situations and circumstances, and shouldn't be taken as direct tax advice. If you're looking for specific help with your taxes, join Hnry and our team of experts can provide you with assistance tailored to your business needs.

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