Software Start-Up Banks $11M To Combat Wage Theft Crisis
05/09/22, 7:05 PM
Location
sydneyMoney raised
$11 million
Yellow Canary, a Sydney-based software start-up that promises to help businesses beat the growing scourge of wage theft and incorrectly paid entitlements, has closed an $11 million funding round, as it aims to ramp up operations take advantage of businesses’ need to comply with stiffening laws.
Company Info
Location
sydney, new south wales, australia
Additional Info
The company developed an automated technology platform that lets employers manage workforce compliance obligations across employee payments, entitlements, superannuation and taxes, and attracted the investment primarily from venture capital firm Parc Capital. Oscar ColmanMarcus Zeltzer, Yellow Canary’s co-founder and managing director, had the initial idea for the company while following news of the underpayment of workers at retail franchiser 7-Eleven in 2015, and the company has been profitable from early on as a string of scandals has emerged, amid estimates Australian workers are underpaid about $1.35 billion a year. A Senate report earlier this year found employers also fail to pay $5 billion a year in contributions to employees’ superannuation accounts, meaning Yellow Canary is targeting a problem worth over $6 billion at a minimum in Australia alone.