Factorial, the hrtech startup based out of Barcelona that hopes to be a contender in the fragmented and large human resource software market, has grabbed the attention of a big investor from the U.S. has raised $16 million for building an HR automation platform, which is all-in-one for small and medium businesses.
Factorial is building this platform which manages the payroll, time off, onboarding of employees among other functions of the human resource department. This fund was raised in a Series A round which was led by CRV and was participated by existing investors like Point Nine, K Fund, and Creandum.
Factorial has customers in almost 40 countries and also witnessed an eightfold growth in its revenues in the previous year of 2019. Factorial now has over 60,000 users that are currently using its tools and solutions.
Jordi Romero, the CEO and co-founder and Pau Ramon, CTO and co-founder and Bernat Farrero, co-founder and head of corporate stated that this funding will be used to expand and grow into new markets and multiply the customers, and also to bring on additional features by investing in technology development. The investment will be used for RPA integrations for further automation of services as well as to move into the back-office product areas like handling expenses.
Factorial has not yet disclosed its valuation, as now it has raised around $18 million in investments.
Reid Christian, General Partner at CRV stated that the solutions of this company were built keeping in mind the users and designed specifically for the modern workplace and web. The Hrtech industry is entering the third generation of cloud-based products and point solutions as there are powerful needs and demand for a platform that integrates the work across the underlying platform.
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