Israeli-founded business management firm HoneyBook has raised a USD 250 million Series E equity round led by Tiger Global Management, the company announced this week. Durable Capital Partners LP, Norwest Venture Partners, Citi Ventures, and Israeli active crowdfunding platform OurCrowd also participated in the round.
The recent fundraising comes just six months after HoneyBook raised USD 155 million in a Series D round in May, which catapulted the company into the unicorn club.
With the new funding, HoneyBook is now valued at over USD 2 billion. The company will use the investment to further advance product development and provide “greater value for the diverse and growing independent workforce,” according to a company statement.
Founded in 2013 by Israeli husband and wife team Oz and Naama Alon, alongside Dror Shimoni, HoneyBook is a client experience and financial management platform for small and medium-sized businesses, freelancers, and entrepreneurs. The San Francisco-based company, which has offices in Tel Aviv, provides a platform that enables business owners to manage clients and projects, handle contracts, collect payments, and perform other functions.
HoneyBook members have booked more than USD 1.8 billion on the platform in 2021 alone, while total bookings have surpassed USD 5 billion, according to the company.
“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. That’s what it means to be independent,” said HoneyBook CEO Oz Alon. “HoneyBook empowers business owners with the tools and resources they need to own their independence with passion and purpose,” he added.
“We’re witnessing unprecedented changes in the American workforce and an immense momentum towards independent work. With a proven track record of innovation and decisive action, HoneyBook is the best-in-market solution to support the success of this emerging category of independent businesses,” said John Curtis, partner at Tiger Global Management.
“We look forward to strengthening our partnership with this visionary company as they power the future of work,” he added.
The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.