AirTree Ventures has led an oversubscribed $35 million Series B funding round for online accounting platform Hnry.
This is the first investment in the company by AirTree.
Athletic Ventures, New York-based Left Lane Ventures and Auckland-based Icehouse Ventures contributed to the capital raising, as well Akshay Kothari, co-founder and chief operating officer of online collaboration platform Notion.
Icehouse Ventures has now invested in Hnry through five capital raising rounds, increasing its investment tenfold since the first investment, according to the venture firm’s chief executive Robbie Paul.
Hnry was co-founded in New Zealand by chief executive James Fuller and his wife Claire to simplify tax obligations for sole traders. The platform charges $1 plus GST of each $100 earned capped at $1,500 per year. The platform automatically calculates and pays tax obligations and records tax deductions. Users also have access to tax advice for specific issues.
According to James Fuller, Hnry has achieved five years of solid growth, including through the COVID-19 pandemic.
The company plans to use the new capital to expand its team and develop new products.
AirTree partner Jackie Vullinghs said: “We look to invest in products customers love to use and Hnry’s customers constantly express their love across social media, in surveys and through their engagement with the product.”
Sydney venture firm EVP was an early investor in Hnry.
Image: Hnry provides its users with tax advice for specific issues.