Israeli small business management platform HoneyBook today announced the completion of a $250 million Series E equity financing round led by Tiger Global Management with participation from Durable Capital Partners, Norwest Venture Partners, Citi Ventures and OurCrowd. The financing round was completed at a company valuation of $2.5 billion, more than double the valuation of $1.1 billion, when Honeybook raised $155 million in May.
HoneyBook has developed a financial management platform for small businesses and the self-employed, which has seen bookings of more than $1.9 billion on the platform in 2021 so far. HoneyBook members’ total bookings have now surpassed $5 billion.
HoneyBook was founded in 2013 by CEO Oz Alon, CPO Naama Alon and CTO Dror Shimoni as an event management platform but switched direction when it realized the shift in the US labor market. The company has 130 employees, half of them at its development center in Tel Aviv, and the rest in the US.
Alon said, "The workforce of today is seeking greater autonomy over their careers, flexibility in the way they live their lives and fulfillment from the work they do-and that’s what it means to be an independent. HoneyBook empowers business owners with the tools and resources they need to own their independence with passion and purpose."
HoneyBook’s platform enables business owners to organize their processes into a streamlined client flow and efficiently manage their cash flow. This includes embedded financial services like payments and the company’s recently launched capital product.
HoneyBook’s capital product offers eligible members access to the funds they need to grow their business and seamlessly integrates the repayment process transparently into their existing transactions.
Published by Globes, Israel business news - en.globes.co.il - on November 3, 2021.
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