Factorial, a Barcelona-based HR software company that streamlines people management, has closed an $80 million Series B funding round led by Tiger Global Management, with participation from previous investors CRV, Creandum, Point Nine, K Fund, and Columbia Lake Partners bringing the total funding amount to $100 million.
With the new funds, Factorial will expand to new markets, opening offices in the USA and Brazil. 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. Our diligence found a product that delighted customers and a world-class team well-positioned to achieve Factorial’s potential.”
The pandemic-accelerated digitalization in the Human Resources sector has contributed to Factorial’s rapid growth, as companies seek to digitize HR management for distributed and flexible workforces. Reid Christian, general partner at CRV, said:
“It is now clear that labor markets around the world have shifted over the past 18 months,” says Reid Christian, general partner at CRV. This has strained employers who need to manage their HR processes and properly serve their employees. Factorial was always architected to support employers across geographies with their HR and payroll needs, and this has only accelerated the demand for their platform. We are excited to continue to support the company through this funding round and the next phase of growth for the business.”
During the last year, Factorial has tripled its revenues, growing from a team of 39 in 2019 to 253 today. They expect to double their headcount in the coming months. Jordi Romero, founder and CEO of the company, said:
“We are thrilled to announce our partnership with Tiger and the continued support of our previous investors. It is Factorial’s mission to become the global leader in HR technology for SMEs and having investors that can support us all the way to the public market is going to be key to our success.”