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Fintech startup Hnry raises $2.15 million in investment round

Thu 26 Sep 2019
FYI, this story is more than a year old

Tax agent fintech startup Hnry has closed its latest investment round at $2.15 million, over-subscribing due to keen investor interest.

Hnry CEO and co-founder James Fuller says the company initially aimed to raise $1.5 million, however, strong investment interest from a mix of existing shareholders and new interest from Australian venture startup fund Equity Venture Partners (EVP) meant they extended the round and closed at $2.15 million.

Investors include members of Ice Angels, AngelHQ as well as private investors.

“Completing the raise is a great testament to the hard work of the Hnry team, and provides us with a fantastic platform for the future growth of the company. Having closed this capital raise, we’re really excited about the next phase of our business,” says Fuller.

The Wellington-grown company was born out of the startup community at Creative HQ.

Launched in 2017, Hnry was designed to make life easier for contractors, freelancers and other independent earners, providing an online service that takes care of their financial admin such as taxes, payments and expenses.

People can focus on their daily jobs and Hnry is now used by thousands of Kiwis across New Zealand.

Focused on the future, the capital raise was for three main areas: to further invest in the technology platform and bring more value to Hnry customers; to bring on more staff to meet demand; and to begin trials to expand Hnry into an overseas market.

“We’re thrilled that EVP has invested, and will be taking a seat on the Hnry board. They bring a wealth of experience and expertise to the table, as well as an impressive track record in this space.

“It’s also great to see existing investors following on with further investment, showing their continued enthusiasm for the Hnry service, and their excitement about our future trajectory,” says Fuller.

The nature of work is changing and Fuller says they are seeing more and more people with ‘portfolio careers’ - doing varied work using a diverse range of skills.

“The ‘gig economy’ isn’t just Uber and Airbnb - it’s actually independent earners and is a much larger group than people think - around 15% of the NZ population earn independently.

“They could be freelancers, contractors, consultants, sole traders or self-employed. More people from all walks of life from midwives, technical consultants, designers to lawyers are taking up the opportunity to earn income independently,” says Fuller.

“Hnry is their ‘trusted financial sidekick‘, giving them financial freedom. Hnry will continue to evolve to support this growing segment of workers.”

Hnry is an end-to-end tax agent service that automation to calculate, pay and file all tax obligations, charging 1% of the self-employed income (capped at $2,000 p/a). 

Hnry’s mission is to give freelancers, contractors and self-employed their freedom back.

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