Sienna Investment Managers, the alternative investment platform from Groupe Bruxelles Lambert (GBL) and one of Europe's leading investment companies, announced a $5 million investment through the company's newly created Sienna Venture Capital team to Hourly.io, a fast-growing workers' comp and payroll startup. This brings Hourly's Series A to $32M.
With offices in Luxembourg, London, Paris, Hamburg, Madrid, Amsterdam, and Seoul, Sienna IM has extensive experience in asset management. They invest across a range of asset classes to fund technologies, businesses, and infrastructure on behalf of third parties. They oversee more than €32 billion for GBL and institutional clients. They do this through real estate assets, private and public market fund investments, and direct equity investments in unlisted companies.
"At Sienna, we were impressed with how quickly Hourly has scaled over a short period of time," said Isabelle Amiel-Azoulai, Founding Partner at Sienna VC. "Without question, Hourly has already proved itself to be a robust contender disrupting the payroll and workers' compensation markets and a very attractive first investment."
Hourly will join Sienna's growing portfolio of investments, which includes nine asset managers and 150+ underlying companies. Sienna has also made five successful co-investments with top sponsors such as the Carlyle Group and KKR.
Established in 2018, Hourly offers a full-service platform that connects workers' comp, time tracking, and payroll in real-time for small and medium-sized business owners with hourly workers. This innovation uses real-time data to calculate workers' comp premiums–which typically are based on payroll estimates. With Hourly, premiums are always accurate.That way, businesses pay only for the coverage they need, rather than overpaying or underpaying–and getting saddled with a huge bill come audit time.
"We're thrilled to be one of the first investments for Sienna VC," said Tom Sagi, Hourly co-founder and CEO. "Sienna is as passionate as we are about improving and disrupting the workers' comp and payroll industries. They now play a key role in helping us bring easy, affordable workers' comp and payroll services to small businesses throughout the U.S."
The funding from Sienna VC comes on the heels of Hourly's June 2022 announcement that the company raised $27M in Series A funding led by Glilot Capital Partners with participation from S Capital, Vintage Investment Partners, J-Ventures, Upshot Ventures, and MS&AD.
About Sienna Investment Managers
Sienna is the alternative investment platform of the publicly-traded investment holding company GBL ("Groupe Bruxelles Lambert"). With 260 professionals, Sienna is present in Luxembourg, London, Paris, Hamburg, Madrid, Amsterdam, and Seoul. With extensive experience in asset management, Sienna now invests on behalf of third parties. Sienna now oversees over €32.9 billion as of June 2022 on behalf of its shareholder GBL as well as institutional clients, mainly through real estate assets (Sienna Real Estate), private debt (Sienna Private Credit), investments in private and public market funds (Sienna Gestion) as well as through direct equity investments in unlisted companies (Sienna Private Equity and Sienna Venture Capital).
About Sienna Venture Capital
Sienna Venture Capital is the subsidiary of Sienna Investment Managers dedicated to venture capital investments, founded by Isabelle Amiel-Azoulai. Based in Paris, with an international network in the main technology hubs, Sienna Venture Capital invests in early-growth companies that aim to sustainably transform their sector and society according to their "Tech for Purpose" vision. The amounts invested per deal will range from $5 million to $15 million. They will target companies in various sectors such as cybersecurity, fintech, digital health, foodtech, agritech, artificial intelligence, mobility, etc.
Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering workers' comp insurance and full-service payroll for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as quick as pressing a button and that you get accurate workers' comp premiums down to the penny. For more information, visit www.hourly.io.