Australian start-up raises $ 111 million

"Our goal is that everyone in the world can benefit from a member of Parliament and we can do it for him to benefit from it."

Ahmed stated that Deputy was "born of a need," he had identified when he was working for Shelley's former Aerosare company and that he had to handle tasks such as holidays. of sickness and wages.

"These were the problems we had solved at the time. It was pen and paper in Excel, but it was very difficult to change things in a business, "he says.

"We solved these problems ourselves using technology and realized that all other companies, regardless of their industry, have the same funding."

Ahmed says that's how the two men found the name of MP.

Loading

"We were second in charge of the business owner".

Ahmed said that he and Shelley had launched the company halfway, saying that "at the time, the turnover was funding growth next month," and had recruited "big and small" customers from Gelato Messina to Qantas and McDonalds.

"We realized that the product offered such a global opportunity, we had our first international customer, because a Sydney backpacker had used Deputy and, when they arrived in their home country, they opened an account, "says Ahmed.

To fund Deputy's global expansion, Ahmed and Shelley raised 25 million US dollars in 2017 from the US-based venture capital firm OpenView, and built nearly 90,000 customers.

Ahmed says this next raise is "really a matter of going to the next level."

Deputy's B series financing cycle was led by the US venture capital firm IVP, known for its investments in Netflix, Uber and Slack, which Ahmed says are all startups that "have really transformed the way we do business. use technology today. "

In addition to PVI, the financing round also attracted investments from OpenView and Australian venture capital companies Square Peg Capital and EVP.

The agreement currently totals the deputy minister's total funding at more than $ 144 million.

Ahmed said the bulk of the funding would go to expanding the Sydney-based product and engineering team and was planning to hire another 30 people, adding to 200 people.

He says that it is not expected that the MP is moving to the United States.

"The software is about pbadion and ownership and you can do it anywhere in the world today, you do not have to be based in the valley to make a difference in the world, "he said.

"As an Australian company has some advantages, Australia has some of the most complex labor laws in the world, and in Australia you can enter the United States and the United Kingdom."

Eric Liaw, Partner at IVP, will join Deputy's Board of Directors under the terms of the agreement. He states that Deputy is part of the transformation of the future of work.

"IVP has long supported some of the most forward-thinking technology companies, many of which solve some of the world's most serious problems, and Deputy certainly fulfills this criterion," he said.

To follow MySmallBusiness sure Twitter, Facebook and LinkedIn.