Factorial, a Barcelona, Spain-based all-in-one automated HR management platform for small and medium businesses (SMBs) worldwide, secured $120 million in Series C funding and achieved unicorn status with a $1 billion valuation.
The round was led by Atomico, with participation from GIC and all previous investors, including Tiger Global, CRV, K-Fund, and Creandum.
Factorial will use the funding to further scale operations in existing markets across the UK, Spain, the US, Germany, Italy, Portugal, France, Mexico, and Brazil. It also plans to open a dedicated office in Miami and expand into new markets globally.
This new investment will also allow Factorial to expand its product depth and feature range, thereby solving more problems related to people management for small and medium-sized businesses.
“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 that many workers seek,” said Factorial CEO and founder Jordi Romero. “We are proud to partner with Luca and the Atomico team, a firm that truly cares about making sure the next big tech company emerges from Europe, to address this massive shift of SMBs searching for HR software built just for them. Factorial is uniquely positioned to serve this continually expanding untapped market.”
Atomico Partner Luca Eisenstecken joins the Factorial board as part of the investment.
Company: Everyday Software S.L.
Raised: $120.0M
Round: Series C
Funding Month: October 2022
Lead Investors: Atomico
Additional Investors: GIC, Tiger Global, CRV, K-Fund, and Creandum
Company Website: https://factorialhr.com/
Software Category: all-in-one Automated HR Management Platform
About the Company: Founded in 2016 in Barcelona by Jordi Romero, Bernat Farrero, and Pau Ramon, Factorial is an HR software company that provides intuitive HR solutions for SMBs worldwide. The company’s vision is to enable SMBs worldwide to make better people decisions based on data and increasing data-driven insights. By automating and centralizing processes such as recruiting, onboarding, absence management, payroll, and time tracking, Factorial helps companies reduce up to one week of repetitive administrative tasks per month. Factorial makes every HR feature 10x more powerful and 10x more seamless by having them all under one roof. With over 7,000 customers across nine countries, Factorial serves clients such as Freshly Cosmetics, Vicio, Booking.com, and Whisbi.
Source: https://techfundingnews.com/all-in-one-automated-hrtech-platform-factorial-reaches-unicorn-status-after-landing-120m/