What do you do when you lose your job, through no fault of your own, but because the world has gone into meltdown? Well, for a certain slice of New Zealanders, the answer seems to be that you create your own job.
A Wellington-based fintech has gained millions from a US investor after benefitting from the way the pandemic is reshaping our workforce.
Hnry has raised $16 million at what its chief executive says is a "valuation in excess of $100 million".
James Fuller (today chief executive) co-founded Hnry in 2017 withhis wife Claire Fuller (chief operating officer) after he emigrated from the UK and started working as a contractor in NZ and found he had an admin-heavy, advice-light relationship with his accountant.
In response, the Fullers founded what they bill as the world's first pay-as-you-go accounting service for the self-employed - Hnry, which charges $1 for every $100 you earn, up to a cap of $1500 in fees per year.
For your money, you get software that automates your taxes if you're a contractor, freelancer or consultant. It also helps with generating invoices and tracking expenses, and there's a promise of unlimited support.
The firm plans to double staff to 80 over the next few months.
Fuller says the new funds will also be used for expansion in NZ and offshore.
The chief executive won't give any detailed figures but says his business has grown 500 per cent over the past 18 months - thanks to expansion across the Tasman (which has around five million self-employed workers against New Zealand's 400,000) and a rise in contracting tied to Covid.
And the numbers were good enough to impress the New York-based venture capital outfit Left Lane Capital, which led the $16m round, supported by existing investors EVP Ventures, Icehouse Ventures and Angel HQ.
Left Lane now has a 17.0 per cent stake, making it Hnry's largest shareholder ahead of the Sydney-based EVP (16.8 per cent) and James and Claire Fuller, who have a 16.2 per cent stake each.
Near the start of the pandemic, a number of firms tightened their belts, and reduced salaries or even laid off staff.
Fuller tells the Herald: "We know that moving into a recession economy, self-employment skyrockets as people look to supplement their income."
In fact, an unexpectedly resilient economy, and border restrictions, caused labour shortages, pushed up pay, and created new options for many. The net effect was the same - more people moving into contracting or the "gig economy" - but more from a position of confidence.
Hnry cofounders James Fuller and Claire Fuller. Photo / Supplied
Fuller says his company's recent growth spurt is down to three things.
"First, the impact of Covid has certainly led to more people taking the opportunity to earn income independently; to take more control over how they earn. A lot of individuals were badly impacted by lockdowns last year, and earning income independently became a lifeline for many," he says.
"Second, there's definitely been a progressive shift in the last 18 months towards people voluntarily throwing off the shackles of salaried employment to take the opportunity to earn income independently, going out on their own to have more self-determination - which some have described as being part of the Great Resignation.
"Finally, I think that Hnry in particular has given people the opportunity to earn independently without the sort of cost, stress and hassle that was traditionally associated with being newly self-employed."
Fuller had senior roles with Deloitte, Davanti and Westpac, and did work for Wellington business incubator CreativeHQ before he and his partner - a business analyst at EQC before contracting for MPI - co-founded Hnry.
How has it worked out being husband-and-wife in the pressure-cooker environment of a fast-growing startup?
"I think that Claire and I founding the business together is much the same as for any other best friends that go into business, in that I think it gives us a great advantage," he says.
"We have a complementary set of skills and experience that have helped us grow Hnry, we both share the same values and vision for the company, and our strong relationship makes us an incredibly effective team.'
