By Noor Zainab Hussain
(Reuters) - HoneyBook has raised $155 million in a late-stage funding round led by Durable Capital Partners that values it at more than $1 billion, the small business billing and management tool will announce later on Tuesday.
The Series D funding round includes investments from Tiger Global Management, Battery Ventures, Zeev Ventures, 01 Advisors as well as existing investors Norwest Venture Partners, OurCrowd and Citi Ventures, HoneyBook said in a statement seen by Reuters.
Founded in 2013, HoneyBook combines tools such as invoices, contracts and project management features, helping entrepreneurs and freelancers streamline and scale their business with less legwork.
The company saw an uptick in demand last year as sweeping corporate layoffs driven by the COVID-19 pandemic led to a surge in people launching their own businesses.
The health crisis has triggered small businesses to quickly adopt online tools to support growth, helping HoneyBook triple its annual recurring revenue.
New HoneyBook subscribers more than doubled over the past year, and members booked more than $1 billion on the platform in the past nine months alone, HoneyBook said.
"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," Chief Executive Officer Oz Alon said.
The San Francisco-based firm plans to use the proceeds from Tuesday's funding round to increase hiring, among other things.