Factorial, a human resources management platform, revolutionizing the way companies manage their HR processes, has announced a successful €15 million Series A funding round, the third since it began operations in late 2016. This recent round, and the largest startup investment in Spain for 2020, builds on what has already been an exceptionally successful year for Factorial, making it one of the leading startups in HR.
The company has experienced rapid growth and expansion among its client base and has seen a growth of revenue by eight times in 2019. “Our growth shows that Barcelona is the perfect location for creating a global company with the best investors and while recruiting top talent,” says Jordi Romero, Factorial CEO.
New Features and International Expansion
With CRV’s investment, Factorial plans to expand by focusing on developing new functionalities within its already successful range of features, including applicant tracking and recruitment, performance evaluation, time tracking, absence management, document management and more. These new features and improvements are centered around supporting medium-sized companies as they transition their processes to digital.
Thanks to the support of this recent investment, Factorial is preparing to grow exponentially in key international markets both in Europe and in America. At present, Factorial offers support to clients in more than 40 countries.
Technology to Revolutionize Human Resources Departments
“The use of new technologies in the management of human resources allows for companies to focus more on their employees, rather than become lost in their processes”, explains Jordi Romero.
A company can only achieve success if they have nurtured their workforce; this is something Factorial has made a part of its ethos. With its all-in-one HR solution that centralizes and facilitates the effective management of employees within companies, Factorial aims to help organizations reach their goals and objectives.
HR Software Built for the Specific Needs of HR Users
“Factorial was built for the HR users, and designed for the needs of HR managers today,” says Reid Christian, General Partner at CRV.
Factorial’s intuitive HR platform offers a simple solution allowing small and medium-sized companies to manage cumbersome HR processeswith ease. Digitizing time-consuming tasks, while empowering those responsible for human resources is what Factorial believes is the secret to success. Streamlining a company’s HR processes will freeup more time for them to focus on making smarter business decisions.
Teaming up with the Best Investors
This investment round is led by CRV, a prestigious and well respected Venture Capital firm in Silicon Valley. With more than 75 IPOs, CRV has led many of the largest tech exits.
The trusted American firm has invested in companies that have gone on to make a significant impact on the technology industry. Some of these include Twitter, Dropbox, and Zendesk; a company valued at 8 billion dollars.
Three of the most successful investment firms in Europe have also taken part in this round. Creandum, Point Nine, and K Fund, who have funded companies like Spotify, Bolt, Lift, and Revolut, have also proudly supported Factorial in a previous round by contributing 2.8 million euros. Their contribution reflects their trust and full confidence in Factorial to continue innovating and delivering new product advancements.