In a late-stage funding round led by Durable Capital Partners, billing software company HoneyBook, Inc. raised over $155 million in funds. This Series D funding round was comprised of investments from firms such as Tiger Global Management, Battery Ventures, Zeev Ventures, and 01 Advisors.
Based in San Francisco, California, HoneyBook provides entrepreneurs and freelancers with essential business tools such as invoices, contracts, and project management features. Because the coronavirus pandemic prompted entrepreneurs to adopt online solutions to help them conduct their business activities, HoneyBook enjoyed explosive sales growth, with its annual recurring revenue tripling since the start of the COVID pandemic.
What’s more, the company revealed in a statement that it doubled its number of subscribers over the past year, with members spending more than $1 billion in the past nine months alone.
According to Chief Executive Officer Oz Alon: “Clients now expect streamlined communication, seamless payments, and the same level of exceptional service online that they were used to receiving from business owners in person.”
Hiring new staff members is a one of the priorities among HoneyBook, Inc.’s plans for their newly acquired funds.
