NOVEMBER 9 2021
Published in the Australian Financial Review
New York-based global investment company Tiger Global Management is becoming increasingly active in the local start-up scene, this time leading a $US16.5 million secondary round in Assignar.
Joining Tiger Global as co-lead investors was Ian Beatty and Leigh Jasper’s SecondQuarter Ventures, which is the only local fund that specialises in secondary VC rounds.
Existing investor Fifth Wall also participated in this secondary round and Boston-based HighSage Ventures also bought in.
Assignar has raised more than $30 million since it was founded in 2014. The secondary round was triggered by investor demand, giving early investors the opportunity to cash out some of their equity.
Some of the company’s earlier investors include Our Innovation Fund and Tola Capital. It also raised $20 million in a Series B round earlier this year, which saw property tech-focused VC Fifth Wall join its register.
Founded in 2014 by Sean McCreanor and Marko Tomic, Assignar has created a software-as-a-service platform that helps subcontractors manage their workforce, assets, safety and compliance.
Its clients include Mann Group, Sunraysia and Sydney Civil.
It now considers its Denver, Colorado office to be its headquarters, but has a large team in its Sydney office.
“We know an exciting journey lies ahead, and we’re looking forward to many more transactions along the way to help staff, management, and early investors realise some of the value being created,” Beatty said.
Tiger Global is also understood to be coming on as a lead investor in Mr Yum’s ongoing Series A capital raise, and it’s also invested in the likes of Shippit, unicorn Go1, SafetyCulture, Stake and Scalapay.