Factorial (https://factorialhr.com/), a Barcelona-based HR software company that streamlines people management, has closed an $80 million Series B funding round led by Tiger Global Management, with participation from previous investors CRV, Creandum, Point Nine, K Fund, and Columbia Lake Partners bringing the total funding amount to $100 million.
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Factorial founders Pau Ramon, Bernat Farrero, and Jordi Romero celebrate the close of an $80m series B funding round. (Photo: Business Wire)
This is not the first time Factorial has attracted a global leader in growth-stage capital. This round comes on the heels of a 2020 $16 million Series A led by CRV, an investor in tech giants like Twitter, Dropbox, and over 70 IPOs.
Factorial, which serves thousands of clients in more than 65 countries, has been ranked among the Top 10 most promising startups in Europe. With the new funds, Factorial will expand to new markets, opening offices in the USA and Brazil.
“The HR software market opportunity is very large in Europe, and Factorial is incredibly well positioned to capitalize on it,” said John Curtius, Partner at Tiger Global. “Our diligence found a product that delighted customers and a world-class team well-positioned to achieve Factorial’s potential.”
The pandemic-accelerated digitalization in the Human Resources sector has contributed to Factorial’s rapid growth, as companies seek to digitize HR management for distributed and flexible workforces. During the last year, Factorial has tripled its revenues, growing from a team of 39 in 2019 to 253 today. They expect to double their headcount in the coming months.
“It is now clear that labor markets around the world have shifted over the past 18 months,” says Reid Christian, general partner at CRV. “This has strained employers who need to manage their HR processes and properly serve their employees. Factorial was always architected to support employers across geographies with their HR and payroll needs, and this has only accelerated the demand for their platform. We are excited to continue to support the company through this funding round and the next phase of growth for the business.”
“We are thrilled to announce our partnership with Tiger and the continued support of our previous investors,” says Jordi Romero, founder and CEO of the company. “It is Factorial’s mission to become the global leader in HR technology for SMEs and having investors that can support us all the way to the public market is going to be key to our success.”
Factorial is committed to changing the way SMEs make decisions by automating HR processes and providing insight into the organization. By automating and centralizing processes such as recruiting and selection, onboarding, absence management, and time tracking, Factorial helps companies reduce up to 60 hours of repetitive tasks and administrative work per month.
Founded in 2016, in Barcelona, Spain, by Jordi Romero, Pau Ramon, and Bernat Farrero, three entrepreneurs who had first-hand experience when it came to the lack of available and effective resources for people management problems. With over 75,000 users across 65 countries, Factorial serves clients such as KFC, Booking.com, and Whisbi.