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Deputy, a Bangladeshi-Australian founded software company specializing in workforce management, has achieved an impressive milestone by surpassing a billion-dollar valuation. This accomplishment comes with its first external investment in six years, positioning it as the first private technology "unicorn" company to emerge since the tech funding downturns of early 2022.
This is a remarkable achievement for the company's founder, Ashik Ahmed, who drew inspiration from his experiences as a 16-year-old immigrant from Bangladesh working at Hungry Jack's. Ahmed recognized the need for improved organization of shift workers, which ultimately led to the creation of Deputy.
The new investment, totalling US$37Mn, comes from US-based Express Employment Professionals, initially engaged as a potential customer. Impressed by Deputy's product, Express decided to acquire a stake, valuing Deputy at over US$1.1Bn.
In 2023, Deputy appointed Ms. Martincevic, the former chief commercial officer of US-based Affirm, as its new CEO, following Mr. Ahmed's transition to the company's board, joining co-founder and chairman Mr. Shelley.
Deputy achieved its first profit in the fiscal year ending June 30, 2023, with a statutory profit of US$8.5Mn compared to the previous year's loss of US$24.9Mn. Additionally, its annual revenue exceeded US$100Mn.
“We are scaling Deputy thoughtfully and responsibly,” Ms. Martincevic shared. “The fact that we haven’t needed to fundraise in six years, and the fact we’ve been profitable for the last 18 months, speaks to the real strength of our business.”
The partnership with Express Employment Professionals will expand Deputy's user base by up to 500,000, representing a 36 percent increase. Additionally, Deputy's software is relied upon by over 1.4 million shift workers across various sectors, including hospitality, healthcare, and retail, highlighting its significance in addressing the needs of this underserved community.
The company's successful fundraising endeavours in the past, including a US$111Mn capital raise led by US investor IVP in 2018, have contributed to its current valuation.
