Melbourne-based workforce management startup Ento has closed a $5 million Series B, with its backers eyeing an ASX listing.
The round was led by Perennial Value Management, with existing investor AirTree Ventures chipping in once again.
The funds will be used to double the size of the current team of 40, open offices in Sydney and Canada, and to support further R&D around AI and automation.
Founder and CEO Aulay Macaulay launched Ento in 2009 to help businesses manage rostering, leave, attendance, and work communication. More than 10,000 workplaces use the platform, including in retail, childcare, and labour-hire.
“We’ve worked with AirTree for over five years now and continue to benefit from their amazing support,” Macaulay said.
“Perennial add even more depth to our advisory firepower and will be an invaluable source of strategic guidance and feedback as we move forward with our next big growth phase.”
Despite the challenges of the pandemic, Macaulay was able to retain all of Ento’s staff and the business rebounded quickly.
“It was incredibly satisfying to hit a new revenue high at the end of 2020 and we now have the opportunity to bring the best WFM software in the market to the rest of the world,” he said.
Perennial Value Management portfolio manager, Ryan Sohn, said: “Ento enjoys a great reputation, and the business has solid fundamentals and huge growth potential. We see Ento as a strong candidate for the next wave of ASX tech listings.”
AirTree co-founder and chair, Daniel Petre said Ento delivered a consistently high-quality product.
“The Ento team knows how to put funding to work. Their progress to date on the back of relatively modest amounts of raised capital is very impressive, and Ento’s product is head and shoulders above anything else in the market,” he said.
Airtree previously backed a $1.2 million raise for Ento in 2015.