Young at heart: HR startup HumanForce raises $22.5 million after 17 years of bootstrapping

Gig economy-focused HR startup HumanForce has secured $22.5 million in funding, after 17 years of bootstrapping.

Launched in 2002 by founder and managing director Bruce Mackenzie, the Sydney-based startup provides a Software-as-a-Service (SaaS) workforce-management tool designed to help employers manage hours, rostering and payroll data.

However, according to Mackenzie, what sets the startup apart from similar HR tech businesses is a focus on the flexible workforce.

The company has been in the workforce management space for “many years”, he tells StartupSmart.

“Three or four years ago, we pivoted to be more focused on the gig worker,” he adds.

“We realised that we were onto something incredibly big, and a real change agent with the contingent workforce.”

Having bootstrapped since its inception, HumanForce has been through the “normal plateaus” of gradual growth, and now has 114 people on its staff.

For the past five years, it has seen 40% revenue growth year-on-year, Mackenzie says.

“Now we’re going up to the next plateau, and we realised demand was outstripping our ability to supply,” he adds.

The funding, from Silicon Valley-based venture capital firm Accel-KKR, will be used to fuel HumanForce’s growth in North America. Read more

Stephanie Palmer-Derrien – Startup Smart – 30 Jan 2019