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Media Release

RegTech provider Yellow Canary raises $11m to scale class leading workforce compliance platform

10 May 2022

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Australian RegTech provider Yellow Canary has successfully raised $11m as the fast-growing Sydney based venture continues to establish a new frontier for workforce compliance.

The funding round, was notable for the investment led by Parc, a growth investment firm with a focus on backing founders to execute their business strategies and accelerate growth, and was supported by existing investors.

It comes as the workforce compliance scale-up prepares to use its advanced technology and purpose-built platform to bring fast, accurate and scalable ‘always on’ compliance monitoring within reach of all Australian employers.

With the potential move to national wage theft legislation following a spate of high profile underpayment matters, a heightened regulatory focus on compliance, and the increasing adoption of ESG principles, the investment in Yellow Canary is perfectly timed as it will expedite the existing roadmap of product development across employee payments, entitlements, superannuation, long service leave, indirect taxes, and workforce optimisation.

Working in partnership with law firms and accounting firms, the Yellow Canary platform has delivered real time cost and accuracy benefits to an impressive array of blue chip clients (from small employers to ASX100) proving the value of the technology, application of expert knowledge and scalability and efficiency of the offering. In the past year alone, Yellow Canary has reported on workforce compliance to over 30 employers and over $11.4bn in employee payments, 2.8 million payslips and 272 million hours of work across a range of industry sectors including banking, insurance, retail, hospitality, manufacturing, and health services.

Yellow Canary Co-Founder and Managing Director, Marcus Zeltzer, said that the automation first approach provides a solution that can handle the complex and constantly evolving system of rules. “The complexity of the workforce compliance landscape has meant that other approaches leave employers without the confidence they need to ensure that they are meeting their compliance obligations. Our technology and services are ideally positioned not only for historical remediation needs but to provide ongoing compliance monitoring across the range of workforce compliance challenges facing employers.

“We are pioneering a new category in RegTech which has attracted an outstanding team of engineers and subject matter experts. They enjoy the opportunity and freedom to bring their ideas and creativity to the development of the platform and this investment round will also be applied to attracting more talented people into our team,” Mr Zeltzer added.

According to Parc Executive Chair, Grant McCorquodale, the investment in the RegTech scale-up recognises the quality of the Yellow Canary model, “We put the Yellow Canary team and technology through an exhaustive due diligence process and are very impressed with the potential of this team, the technology and of course the considerable market opportunity.”

“There is a clear case that every ethical employer is Australia should take all steps to mitigate risks relating to workforce compliance and be able to demonstrate this to their shareholders, Boards and employees.” Mr McCorquodale added.

About the Yellow Canary Platform

Yellow Canary’s proprietary automated platform enables employers to proactively manage their workforce compliance obligations across employee payments, entitlements, superannuation, taxes, and workforce optimisation. Learn more

About Parc

Parc actively invests in exceptional founders, backing them to take the smart risks needed for lasting growth and outperforming returns. Parc attracts capital from family offices, and high net wealth investors. Visit: www.parccapital.com.au

For further information or interview opportunities contact

Graeme Gulloch

media@yellowcanary.com.au

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