Barcelona-based Factorial has raised $80 Mn in Series B funding. The funding was led by Tiger Global and saw participation from past investors like CRV, Creandum, Point Nine and K Fund. The sources revealed that the valuation at which the deal was closed to be around $530 million post-money.
John Curtius, Partner at Tiger Global said, “The HR software market opportunity is very large in Europe, and Factorial is incredibly well positioned to capitalize on it”.
Factorial has amassed 75,000 users and witnessed a growth spurt in the last 18 months. The company has raised $100 million till date including a $16 million Series A funding round in the previous year.
Due to the pandemic, many organisations were preoccupied with lay-offs and furloughs, while working from home. Factorial set forth to deliver best value to them during these times. It provided access to tools that directly address these HR needs such as guidelines on how to implement furloughs and layoffs, and best practices for communication policies and more.
Romero said, “But it wasn’t all simple. We did suffer at the beginning. People were doing furloughs and [frankly] less attention was being paid to software purchasing. People were just surviving. Then gradually, people realized they needed to improve their systems in the cloud, to manage remote people better, and so on.”
So after a couple of very slow months, things started to take off.
The start-up was co-founded by CEO Jordi Romero, Pau Ramon and Bernat Farrero. It had been created to manage hiring, onboarding, payroll management, time off, performance management, internal communications. It also establishes partnerships with third parties to augment processes of payrolls and sourcing candidates. With the recent round of funding they look forward to acclerate the expansion of Factorial’s operations on a global level and especially more deeply towards the Latin American markets. Refinishing and improving its product with more features will also be executed.