Israeli-founded business management software firm HoneyBook said Tuesday it has raised $155 million in Series D funding, at a valuation of $1.1 billion. The investment gives the 8-year-old San Francisco-based company with offices in Tel Aviv the status of a unicorn, or a company valued at over $1 billion.
The equity round was led by Durable Capital Partners LP with participation from Tiger Global Management, Battery Ventures, Zeev Ventures, 01 Advisors as well as existing investors Norwest Venture Partners, OurCrowd and Citi Ventures, the company said in a statement.
HoneyBook, founded by Israelis Oz Alon, Naama Alon and Dror Shimoni, will use the funding to advance product development and expand its workforce by “dramatically increasing hiring,” the statement said.
HoneyBook has developed an online business and financial management platform for small businesses, entrepreneurs and freelancers that allows them to manage clients and projects, handle contracts, get paid, and automate emails and tasks. The coronavirus pandemic has benefited the company, as consumers’ interactions with businesses changed, necessitating the increased adoption of digital tools to support their growth, the statement said.
“We believe the accelerated trends of self-employed business growth and small business digitization will continue as the economic recovery builds. With its visionary leadership and proven ability to innovate and provide unique solutions for the service-based small business sector, we believe HoneyBook will drive employment, scale its business and define its industry in the years ahead,” said Henry Ellenbogen, managing partner and chief investment officer of Durable Capital Partners LP, in the statement.