Financial management platform HoneyBook has raised $250 million in a Series E funding round.
The round was led by Tiger Global Management and saw participation from Durable Capital Partners LP, Norwest Venture Partners, Citi Ventures and OurCrowd.
HoneyBook’s platform manages client flow and cash flow for independent business owners and covers billing, contracts, client communication, embedded financial services and access to capital.
According to HoneyBook, almost 20 million people quit their jobs between April and August of this year, and many have elected to set up businesses of their own in the wake of the pandemic.
The company claims that as the independent workforce has expanded, so has demand for the tools needed to manage back-end tasks.
“The workforce of today is seeking greater autonomy over their careers, flexibility in the way they live their lives and fulfilment from the work they do – and that’s what it means to be an independent,” says HoneyBook CEO Oz Alon.
The Californian company says it will use the cash to develop new products following the recent launch of HoneyBook Capital, which aims to provide growth capital to indie businesses.