The Europe-based automated HR platform Factorial has landed $120 million in Series C funding.
The latest cash infusion will be used to utilised to further scale operations in existing markets across UK, Spain, USA, Germany, Italy, Portugal, France, Mexico and Brazil. The HR startup also has plans to expand its offering in global markets including Asia and ANZ with its people management solutions.
The funding round was led by Atomico, a VC firm which has previously backed TestGorilla, Vaayu and Ben. In addition to GIC, existing investors Tiger Global, CRV, K-Fund, and Creandum participated. As per the deal, Atomica’s partner Luca Eisenstecken would join the Factorial board.
“SMBs are vastly underserved in the current HR software market, which is focussed on attracting large enterprises and these products are often too complex and costly for small businesses. Factorial offers insights and metrics to provide support and allow smaller companies to foster a people-first approach whilst scaling the business,” said Luca Eisenstecken.
The funding has enabled Factorial to attain unicorn status, adding it to the long list of 2022’s European unicorns such as Klarna, Revolut, NorthVolt, checkout.com and more.
Factorial was founded in 2016 in Barcelona, Spain by Jordi Romero, Bernat Farrero, and Pau Ramon, with expertise in building productivity software. Factorial’s platform automates and centralises processes such as recruiting, onboarding, absence management, payroll, and time tracking to enable SMBs to make better people decisions worldwide.
Factorial currently serves clients such as Freshly Cosmetics, Vicio, Booking.com, and Whisbi.
Factorial CEO and founder Jordi Romero said, “HR has gone through a seismic shift across every industry – from a focus on workforce control to the primary function of empowering and challenging your employees. Getting this right results in a key SMB strength: a close-knit, people-centric culture many workers seek.”