US-based financial management platform for independent service-based businesses Honeybook has raised $259m in Series E equity funding.
The round was led by Tiger Global Management with participation from Durable Capital Partners LP, Norwest Venture Partners, Citi Ventures and OurCrowd.
By combining tools such as billing, contracts and client communication, HoneyBook helps business owners manage client and cash flow, streamlining their services. The company reached unicorn status earlier this year, after raising $155m in Series D funding.
Honeybook intends to use the investment to further advance product development and provide even greater value for the diverse and growing independent workforce whose rise, Honeybooked noted, shows no signs of slowing down.
The pandemic produced two cohorts of workers, the unemployed and the overworked. According to HoneyBook, there has been a rise in both groups choosing to claim their independence and build businesses of their own. As a result, the demand for tools to help manage the back-end tasks that go into running a successful business is growing.
The firms’ CEO Oz 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 members’ business have booked more than $1.8bn on the platform in 2021. Total bookings have now surpassed $5bn.
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