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Hnry secures $16M in US-led investment round
New Zealand, 1 February 2022 - Online accounting service Hnry has secured a NZD$16 million investment, led by US growth equity firm, Left Lane Capital, to scale in both New Zealand and overseas markets.
Hnry, the world’s first online pay-as-you-go accountancy service for the self-employed, has achieved unprecedented growth in the last 18 months, becoming one of NZ's largest accountancies, and will use the funds to supercharge growth both locally and overseas.
James Fuller, CEO and co-founder of Hnry, says the company’s revenues were 500% what they were in June 2020, and the new capital will see their team double to 80 across New Zealand and Australia in the next few months.
“Completing the raise is a great testament to the hard work of the Hnry team, and provides us with a fantastic platform to help more and more Kiwis get the opportunity to earn income independently without excessive stress, hassle or cost,” says James Fuller, CEO.
The capital raise was led by the US growth equity firm Left Lane Capital, alongside existing investors, EVP, Icehouse Ventures and Angel HQ. Fuller says Left Lane Capital were attracted to Hnry’s rapid growth rate, world-class levels of customer satisfaction and exciting future growth potential.
“Hnry already serves tens of thousands of customers in New Zealand and 40 percent of our new clients come via referrals from existing customers who already love the service. This investment will help us to continue to support the more than 400,000 New Zealanders who earn some or all of their income independently.”
Vinny Pujji, Left Lane Capital Co-Founder and Managing Partner, says Hnry is an excellent investment.
“When you go off on your own – whether as a marketer, yoga instructor or house painter – you don’t expect you’ll also have to become a full-time accountant. Hnry’s platform works seamlessly on behalf of sole traders who want to focus on what they’re best at without the stress of tax planning. It’s truly an honour to work with such a passionate and effective team. I’m excited to see Hnry evolve from an accounting platform to an everything platform that supports solo business owners through payments, insurance, taxes and more.”
Left Lane Capital is a leading New York-based global growth-equity firm investing in high-growth internet and consumer technology companies. Left Lane's mission is to partner with extraordinary entrepreneurs creating category-defining businesses fundamental to the human condition and spirit. Previous investments include GoStudent, Masterworks, M1 Finance, Tovala, FightCamp, Wayflyer, and Tapcart. Hnry is Left Lane’s first ever investment in the Australasian market.
Fuller says the addition of Vinny Pujji and Left Lane is a significant addition for Hnry.
“Vinny’s market experience and Left Lane’s aligned portfolio are a valuable addition to our team, and it is exciting to have investors of this calibre coming on the Hnry journey.
Approximately 15% of New Zealanders earn some or all of their income independently, contributing an estimated $30B in earnings to the economy. Independent earners include freelancers, contractors, consultants, sole traders and the self employed.ENDS.