Auckland software company Fuel50 has raised US$14 million ($21m) in its latest funding round and revealed its latest expansion plans.
Fuel50, which to date has raised $30m, was initially funded by New Zealand investors Ice Angels, Arc Angels and the New Zealand Venture Fund. Silicon Valley venture capital fund PeakSpan Capital led the latest investment round.
The latest funds raised will be used to double the Takapuna-based company's American workforce, and "support customer acquisition efforts".
Fuel50 chief executive Anne Fulton told the Herald the company - which provides HR software to some of the world's largest organisations - would be investing in new global partnership managers and expand its teams in Europe and Asia, where it had experienced increased demand.
It currently employs 45 staff, most located in New Zealand, with 15 sales staff in North America, four in Australia, and three in the United Kingdom.
Fuel50 took on its first funding with Ice Angels and Arc Angels in 2014, which is when it first expanded into the United States.
The business began experiencing substantial growth in 2017 when a number of high profile companies such as Walmart, Pepsi and MasterCard began using its software.
In 2014 the company had four staff in the US, today it has 15 and is set to double this number in the year ahead. The teams in its other markets are expected to expand in the next 12 months also, Fulton said.
AdvertisementAdvertise with NZME.
"Auckland remains our engineering, finance and marketing hub. Sales are delivered in each global region directly, with more than 90 per cent of Fuel50's earnings coming from offshore."
Fulton said the company, and New Zealand's tech industry, were "on the road map for leading a charge in the design and AI of HR technology".
Fuel50 was founded by Fulton and Jo Mills in 2014 with the mission to transform the employee career experience. Its software algorithms offer career path transparency to workers and talent forecasting to management.
"If you think of Uber or Google maps as you plug in your current location you also want to know your destination. That is what Fuel50 provides for employees essentially, a road map to their future career path, and links to all the career and learning assets, whether a mentor, a stretch assignment or an e-learning module to help you on that pathway," Fulton said.
The software also enabled businesses to identify talent and gaps within their workforce, she said.
Some of the world's largest organisations such as eBay, DHL, Mastercard, T-Mobile, Gap and the Unites Nations are using Fuel50's software.