As the “Great Resignation” continues, more people are choosing to leave their corporate careers behind in order to be their own boss. Nearly 20 million people quit their jobs between April and August of this year, according to the U.S. Bureau of Labor Statistics. Meanwhile, over four million applications for new businesses were filed between January and September of this year.
This is great news for companies like HoneyBook, which operates as a client management and financial platform for freelancers and small business owners. Now the company is receiving a fresh injection of capital to support its rapid rate of growth.
The San Francisco-based fintech platform announced Wednesday that it raised $250 million in a Series E round led by Tiger Global Management. The latest raise comes just six months following the company’s Series D and values the unicorn at a stunning $2.4 billion.
“We’re in the middle of a workforce revolution and it’s being led by independent businesses who are redefining our relationship to work,” Oz Alon, CEO of HoneyBook, said in a LinkedIn post.
HoneyBook’s software helps its customers with things like billing, contracts and client communication. By covering these basic tasks, among others, HoneyBook hopes to free up time for its clients so that they can focus on the other aspects of running a business.
“In the eight years since we started this company, we have learned so much about our members and have evolved our platform to continue meeting their unique and diverse needs,” Alon said.
Part of that evolution includes the introduction of new financial services to its platform. The company recently launched a capital product to offer eligible business owners the opportunity to secure funding that will support their growth.
“Record numbers of people are opting out of the status quo in favor of greater autonomy, flexibility and fulfillment from their careers,” Alon continued. “And HoneyBook is committed to helping them own their independence with passion and purpose.”
HoneyBook will use the additional capital to invest in product development as it continues to scale. The company is also growing its team. HoneyBook is now hiring for eight open positions across its data, finance and marketing teams, to name a few.
HoneyBook has raised $498 million in venture capital financing to date, according to Crunchbase.
