The financing round was led by Tiger Global Management and saw the participation of previous investors such as CRV, Creandum, Point Nine Capital and K Fund
Spanish start-up Factorial has raised $80m in a Series B funding round for its human resources (HR) management platform that helps small and medium enterprises (SMEs) manage their HR processes.
The Series B financing round was led by Tiger Global Management.
Factorial’s existing investors CRV, Point Nine Capital, Creandum and K Fund also took part in the funding round.
The company has so far raised $100m, which includes an amount of $16m secured by it in a Series A round in 2020. The Series A round was led by CRV and had attracted investments from Twitter and Dropbox.
Through its HR management platform, Factorial provides a software solution using which businesses can streamline their HR processes as well as digitise cumbersome tasks.
Factorial founder and CEO Jordi Romero, in a blog, wrote: “Businesses all over the world need to take advantage of data in order to transform the way that they make decisions.
“Too many SMEs manage their teams without any information or technology to guide them. Our mission is to help these organisations work more strategically.”
In 2020, the Spanish firm is said to have grown its customer base in Europe and Latin and North America. Its workforce has increased from nearly 40 in 2019 to the current strength of 253.
The company has also opened a new office in Mexico City and has plans to do the same in Brazil and North America, said its CEO.
Romero further wrote: “We weren’t looking to raise money, but when we were approached by Tiger, we connected immediately with their crazy ambition and their potential to help us become a public company one day (knock on wood).”
Factorial will continue expanding its tools to become an all-in-one people data platform that can be used by organisations to grow their businesses.
In this connection, the HR management platform provider will recruit product designers and software engineers. The company also intends to scale its marketing, sales, and customer experience teams, and within the next few months, is likely to double its workforce.