SAN FRANCISCO, CA,HoneyBook, the leading business and financial management platform for creative solopreneurs and freelancers, is today announcing a $28 million Series C equity round.
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The round is led by Citi Ventures, with participation from all existing investors, including Norwest Venture Partners and Aleph. The rapidly growing fintech company has now 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, thereby helping them grow their businesses.
As work in America continues to evolve -- from lifelong roles at one company to the rise of small businesses, to the new trend of mobility and flexible work -- HoneyBook is committed to offering modern day solopreneurs and freelancers the tools they need to manage and grow their businesses. HoneyBook has long addressed these needs by streamlining the client booking process and solving pain points around client communications, contracts, invoicing and payments. By partnering with financial institutions like Citi, HoneyBook can address a broader set of needs and create more value for small businesses.
"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," said Oz Alon, HoneyBook founder and CEO. "We and our members are extremely excited about the potential this investment and partnerships with financial institutions like Citi opens for us to create innovative products and added value."
Today's announcement builds on strong company momentum over the past year. In addition to surpassing $1 billion in business booked on its platform, HoneyBook has significantly grown its customer base, increasing new members by 150 percent in 2018. Last year, HoneyBook members created more than 1 million client projects on the platform. HoneyBook has also enhanced its offering of client management tools, adding several new features in 2019 as well as expanding platforms by launching an Android mobile app.
"As the shift toward independent work continues to rise, the needs of this modern workforce segment are evolving," said Luis Valdich, Managing Director and Venture Investing Lead at Citi Ventures. "HoneyBook's holistic platform is uniquely positioned to serve the growing number of creative freelancers who are operating their own businesses and we are excited to be part of its journey."
Ornit Shinar, Director and Venture Investing Lead, Israel, at Citi Ventures added, "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 U.S"
This announcement comes on the heels of HoneyBook being named by FORTUNE and Great Place to Work as one of the top five small and medium Best Workplaces in the Bay Area in 2019. The company has excelled in one of the nation's most competitive employment landscapes by championing an inclusive culture, providing generous benefits and supporting employee work-life balance through programs like volunteer time off, access to external advisors, and more.
To learn more about HoneyBook, visit HoneyBook.com or download the app through the App Store or Google Play Store.
HoneyBook is the leading business and financial management platform for solopreneurs and freelancers. Over 75,000 creative entrepreneurs connect through its platform to manage their business, collaborate and book clients -- all in one place. HoneyBook enables creative entrepreneurs to focus more on doing what they love and less on administrative tasks like invoicing and payments. From the first reply to the final payment, HoneyBook makes it easy for people to book their ideal client faster, more frequently, and with less legwork. Founded in 2013, HoneyBook is based in San Francisco and funded by Citi Ventures, Norwest Venture Partners, Aleph, Vintage Investment Partners and Hillsven Capital. Learn more at honeybook.com.
About Citi Ventures
Citi Ventures ignites change and reimagines solutions that drive economic progress for clients. Headquartered in Silicon Valley with offices in San Francisco, New York, London, and Tel Aviv, Citi Ventures accelerates discovery of new sources of value by exploring, incubating and investing in new ideas, in partnership with Citi colleagues, our clients, and the innovation ecosystem. For more information visit: http://ventures.citi.com/