Honeybook raises $28m to help freelancers
Honeybook, the financial management platform for solo entrepreneurs and freelancers, has raised a $28 million Series C equity round of capital led by Citi Ventures, with participation from all existing investors, including Norwest Venture Partners and Aleph.
The fintech has surpassed $1 billion in bookings through its platform, which enables small business owners to streamline all aspects of their business, from capturing leads and delivering proposals to sending invoices and accepting payments.
“As the future of work changes and many individuals, especially millennials and Gen Z, are choosing self-employment as their preferred work lifestyle, we must rethink every aspect of the intersection between life and managing a business,” says Oz Alon, Honeybook founder and CEO.
HoneyBook says it is committed to offering solo entrepreneurs and freelancers in the US the tools they need to manage and grow their businesses.
The platform addresses issues client communications, contracts, invoicing and payments, through partnerships with financial institutions like Citi.
Ornit Shinar, director and venture investing lead, Israel, at Citi Ventures adds, “We are in the midst of a period of extensive changes in societal structures and economic models. The fintech ecosystem is producing more and more breakthrough innovations that serve the needs of modern consumers, and we believe, as a pioneer in its space, Honeybook can become a market leader in the US”
The firm has significantly grown its customer base, increasing new members by 150% in 2018. Last year, HoneyBook members created more than 1 million client projects on the platform, and launched an Android mobile app.