Factorial, the tool to automate Human Resources processes, has just announced a series A financing round of 15 million euros, the third in its history since the beginning of its activities at the end of 2016. With this operation, Factorial revolutionizes the Human Resources sector and is ahead of companies known as HR Tech – technology for HR management – after multiplying its revenue in 2019 by eight.
In addition, as a result of the operation, Factorial becomes part of the leading startups after having reached one of the biggest rounds in the sector in 2020. The short-term goal is to lead the human resources management sector in new key markets. “Our growth shows that it is not necessary to be in Silicon Valley to lead an industry and attract the best talent,” says Jordi Romero, CEO of Factorial.
New features and international growth
To successfully carry out this expansion, the pioneering HR Tech company focuses its growth on the development of new features. With this, Factorial helps companies to digitize themselves in personnel selection, performance appraisals, attendance control and much more.
In addition, the company already has customers in more than 40 countries and, thanks to this investment round, is preparing to grow exponentially in Europe and America.
Major investors in exponentially growing software companies
The round is led by the prestigious Venture Capital CRV, one of the oldest and most respected in Silicon Valley, with over 75 IPOs. The American company invested in several companies that transformed the technological sector, such as Twitter, Dropbox or Zendesk, a company that, like Factorial, was also invested by Point Nine and is currently valued at 8 billion dollars.
Three of the most successful investment funds in Europe that had already participated in Factorial’s last investment round, of 2.8 million euros, also participated in this round. Among them, we highlight Creandum, Point Nine and K Fund sa. Companies like Spotify, Bolt, Lift or Revolut appear in their portfolios.
Technology to revolutionize Human Resources
Factorial’s proposal involves the use of a platform that centralizes and facilitates HR management in companies. “The incorporation of technology in human resources allows us to focus more on people and less on processes”, says Romero.