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Business software firm HoneyBook valued at US$2.4 billion after Tiger Global-led funding

HoneyBook, a company that helps freelancers with client management and other business functions, said on Wednesday its latest funding round of US$250 million, led by investment giant Tiger Global Management, had valued it at US$2.4 billion.

The latest fund infusion has helped San Francisco-based HoneyBook more than double its valuation from its previous round in May this year, and has brought its total fundraise since its inception in 2013 at US$498 million.

The round also drew investments from Durable Capital Partners, Norwest Venture Partners, Citi Ventures and OurCrowd.

Venture capital firms have poured money into business software developers, betting on a post-pandemic shift in work preferences.

Deel, a company that offers payroll and compliance tools to ease remote hiring, was valued at US$5.5 billion after a funding last month, while coding platform GitLab Inc also had a strong market debut recently and is valued around US$16.6 billion, according to data from Refinitiv.

"The workforce of today is seeking greater autonomy over their careers," Chief Executive Officer Oz Alon said, adding that such trends will continue even after the pandemic.

The demand for tools to manage back-end business tasks grew as more people shunned traditional employment and turned independent business owners, adding to the appeal of HoneyBook, the company said in its statement.

HoneyBook's platform helps independent businesses stay organized by streamlining client flow, managing cash flow and helping customers with client communications and payments.

Its customers, which include web designers, photographers and florists, also use HoneyBook's capital product to apply for loans, which come with no late fees.

(Reporting by Niket Nishant in Bengaluru; editing by Uttaresh.V)

Source: Reuters

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