Based out of Barcelona, Factorial is a human resources software platform for small and medium companies that integrates vacation management, payroll, document management, and benefits for employees. In the latest development, the Spanish company has raised €15 million funding in Series A round.
The financing round was led by CRV, a Venture Capital firm based out of Silicon Valley with more than 75 IPOs. With this funding, the company is planning to expand its presence into new markets across Europe and America.
“After analysing HR management in small and medium-sized companies in-depth, we concluded that 80% of the time invested is spent on cumbersome and repetitive tasks. Meanwhile, just 20% goes to building a robust business culture and increasing productivity and employee satisfaction.”
Founded by Bernat Farrero, Jordi Romero, and Pau Ramon in 2016, Factorial’s business model is based on our job counselling service. The HRTech was born to solve the slow and repetitive processes of HR managers through software and a labour consultant service. It automates a company’s human resources tasks, reduces errors, and gain visibility of the company’s data.
Notably, it offers a customised space for every employee from where they can manage all their personal information, documents, holidays, and other features. Moreover, the platform can generate customised reports based on your company data and make better decisions about your workforce and your business.
Right now, the HRTech platform has around 60,000 clients spanning over 40 countries. On the other hand, the company saw 8x revenue growth as well last year. Talking about security, Factorial complies under General European Data Protection Law (GDPR), which means users can access all their data at any time and exercise their right to cancel.
“Our goal is to turn these percentages around and offer tools that allow the Human Resources manager to take control of his day to day, leaving aside administrative tasks so that he can reinforce productivity, improve the work environment and take care of employees. of the company.”
Main image credits: Factorial
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