Melbourne-based workplace management platform Ento will double its team to 80 people and open new offices in Sydney and Canada thanks to a $5 million Series B capital raising led by Perennial Value Management.
Ento was founded in 2009 to help businesses manage rostering, leave, attendance and communication with their workforces, and since then its platform has grown to include a range of HR and onboarding functions, garnering 10,000 customers on its books including the likes of Accent Group, Rodd & Gunn, Adecco and Medibank.
The latest round also drew support from existing investor AirTree Ventures, with some of the funds set to go towards research and development around artificial intelligence and automation.
Ento founder and CEO Aulay Macaulay says the funding is a welcome boost after successfully navigating the unexpected challenges of 2020.
"Despite last year's challenges we were able to keep all our staff on, and the business rebounded quickly," Macaulay says.
"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 adds Perennial's investment in Ento continues a proud record of accomplishment and backing from top-tier investors.
"We've worked with AirTree for over five years now and continue to benefit from their amazing support," the founder says.
"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."
Perennial Value Management portfolio manager Ryan Sohn says the firm is attracted to workforce management software as an investment opportunity.
"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," he says.
AirTree Ventures co-founder and chair Daniel Petre commend's Ento's for its proven capital efficiency and 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," Petre says.
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