Factorial closes an investment of 100 million dollars: the Spanish HR management startup prepares to double its workforce and go public
Five years after being founded by Jordi Romero, Bernat Farrero and Pau Ramón with the aim of becoming the benchmark human resources software for startups and SMEs, Factorial has just closed a Series B financing round of one hundred million dollars.
The main player in this round is Tiger Global Management, with 80 million dollars. To these must be added those contributed by previous investors in the firm, such as CRV, Creandum, Point Nine Capital, Columbia Lake Partners and K Fund.
120 million in 2021
This operation occurs just a few months after, at the beginning of the year, Factorail also closed a Series A worth $ 16 million. That operation was led by CRV, which has invested in technology companies such as Twitter or Dropbox.
Also in April of this year they closed another round, of 2.8 million euros in which the international funds Creandum and Point Nine Capital participated (investors of companies such as Spotify and Typeform, respectively) and in the Spanish fund K fund that joined to the 500,000 euros that he already raised a little over a year ago from several local businessmen.
In this way, the company has accumulated more than 120 million dollars in investment so far in 2021. Meanwhile, other Spanish startups, such as JobandTalent, have also closed financing rounds of one hundred million dollars in this 2021.
What is Factorial
Factorial is an online software for human resources management for small and medium-sized companies. Its objective is to help those responsible for team management to automate tasks heavier and optimize your time when managing vacations, leave and absences of employees, employee documentation; contracts, payroll, identity documents and optimize the salary of employees with flexible compensation plans and benefits.
The company is focused on the SME market because, it assures, they manage their teams without any information or technology to guide them. “Our mission is to help these organizations to work more strategically”, defends the company.
Last year the company opted for internationalization of your business, expanding to Europe, Latin America and the United States. Factorial went from having 39 employees in 2019 to 253 today.
Factorial, which has just opened an office in Mexico, announces that part of the money received in this round will be used to open new branches in Brazil and the United States, as well as for the hiring of more personnel, from product designers and engineers, as well as marketing, sales and customer experience people. Factorial expects to double its workforce in the coming months.
In addition, Factorial ensures that its great objective is to get to go out on the stock market at some point and be a listed company. In fact, Tiger is a company that is dedicated to investing in private companies that are in a growth stage and that plan to go public in the coming years.
It would not be the first IPO of a Spanish startup. In May of this year when another Spanish startup, Flywire, managed to be the first to be listed on Nasdaq.