back Back

Sienna IM announces new venture; invests $5m in Hourly

By Gloria Methri

November 02, 2022

  • Asset Management
  • FinTechs
  • Fund Management

Sienna Investment ManagersSienna Investment Managers, the subsidiary investment platform of Groupe Bruxelles Lambert (GBL) has invested $5 million through the company’s newly created Sienna Venture Capital team in, a workers’ comp and payroll start-up. The investment brings Hourly’s Series A fund to $32 million.

Sienna IM, which has offices in Luxembourg, London, Paris, Hamburg, Madrid, Amsterdam, and Seoul, oversees 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.

“We were impressed with how quickly Hourly has scaled over a short period of time,” said Isabelle Amiel-Azoulai, Founding Partner, 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 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. It uses real-time data to calculate workers’ comp premiums–which typically are based on payroll estimates.

“We are 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 US”

The funding from Sienna VC follows Hourly’s June announcement that the company raised $27 million in Series A funding led by Glilot Capital Partners with participation from S Capital, Vintage Investment Partners, J-Ventures, Upshot Ventures, and MS&AD.

Previous Article

November 02, 2022

Baiduri Bank goes all-in on SaaS with move to Temenos Banking Cloud

Read More
Next Article

November 02, 2022

NEWITY launches ERC Service for Small Businesses

Read More

IBSi Daily News Analysis

Saudi Arabia, banks,

February 26, 2024

Asset Management

UAE banking pulse: robust growth and profitability signal positive outlook

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


Tink to join Europe’s SEPA Payment Account Access scheme

Read More


Dyce Energy renews partnership with GoCardless for direct debits

Read More

February 22, 2024

Revolut launches Robo-Advisor to automate investment processes

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023