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Funding

MYOB and Malcolm Turnbull back $22 million series C in a workplace software startup

- November 2, 2020 < 1 MIN READ
Source: AdobeStock
MYOB has led a $22 million Series C round into workplace software startup Flare, with the accounting platform also announcing a new partnership with the five-year-old venture.

Existing investors Point72 Ventures, Acorn Capital and David Fite joined the round with Malcolm Turnbull signing on as a new investor. Turnbull and Fite will become special advisors to the business.

“Flare’s unique business model provides real value to Australian firms and their employees in equal measure, at a time when the future of work looks very different,” Turnbull said.

Previous investors in the company include Bridge lane, Tank Stream and Reinventure.

MYOB General Manager Financial Services, Andrew Baines said the partnership was an evolution of MYOB’s product suite for customers seeking to onboard and engage their workforce during a period of significant disruption.

“The Australian workforce is undergoing a huge transformation and we want to lead with financial solutions that make employment and onboarding easier for business owners as they keep our economy moving,” he said.

“Our partnership with Flare will offer a streamlined, cost-effective onboarding and employee engagement experience, which will deliver time savings to business owners, as well as providing a seamless experience for new employees which will continue right through their workplace journey.”

MYOB has more than 1.2 million customers across Australia and New Zealand. Flare has 2,500.