Venture Funding

Citi Ventures Leads $28 Million Round in Honeybook

Oz Alon, Co-Founder and CEO, and Naama Alon, Co-Founder and Chief Product Officer (Photo credit: Alon Reuveni)

SAN FRANCISCOHoneyBook, a business and financial management platform for creative solopreneurs and freelancers, has raised a $28 million Series C equity round of capital led by Citi Ventures, with participation from all existing investors, including Norwest Venture Partners and Aleph. The rapidly growing fintech company has now surpassed $1 billion in bookings through its platform, which enables small business owners to streamline all aspects of their business, from capturing leads and delivering proposals to sending invoices and accepting payments, thereby helping them grow their businesses.

As work in America continues to evolve — from lifelong roles at one company to the rise of small businesses, to the new trend of mobility and flexible work — HoneyBook is committed to offering modern day solopreneurs and freelancers the tools they need to manage and grow their businesses. HoneyBook has long addressed these needs by streamlining the client booking process and solving pain points around client communications, contracts, invoicing and payments. By partnering with financial institutions like Citi, HoneyBook can address a broader set of needs and create more value for small businesses.

“As the future of work changes and many individuals, especially millennials and Gen Z, are choosing self-employment as their preferred work lifestyle, we must rethink every aspect of the intersection between life and managing a business,” said Oz Alon, HoneyBook founder and CEO. “We and our members are extremely excited about the potential this investment and partnerships with financial institutions like Citi opens for us to create innovative products and added value.”

In addition to surpassing $1 billion in business booked on its platform, HoneyBook said it has significantly grown its customer base, increasing new members by 150 percent in 2018. Last year, HoneyBook members created more than 1 million client projects on the platform.  HoneyBook has also enhanced its offering of client management tools, adding several new features in 2019 as well as expanding platforms by launching an Android mobile app.

“As the shift toward independent work continues to rise, the needs of this modern workforce segment are evolving,” said Luis Valdich, Managing Director and Venture Investing Lead at Citi Ventures. “HoneyBook’s holistic platform is uniquely positioned to serve the growing number of creative freelancers who are operating their own businesses and we are excited to be part of its journey.”