Spanish HR automation startup Factorial recently announced that it has secured $16 million in Series A funding round led by Silicon Valley-based VC firm CRV.
Creandum, Point Nine and K Fund (three of the most successful funds in Europe) also took part in the funding round. All of these have already invested in Factorial’s last €2.8 million funding round.
The recent amount of funding is the startup’s third fundraiser and so far the highest. This is also the highest amount raised by any startup in Spain in the year 2020.
According to a company statement, the HRtech startup is ready to expand into key new markets, scaling up across more of Europe and launching in America with the new funds.
“Our growth shows that you don’t need to be based in Silicon Valley to lead an industry and attract the best talent,” says CEO Jordi Romero.
Venture capital firm CRV has a long history of investing in startups that turn out to be industry leaders. Its portfolio includes the likes of Twitter, Dropbox, and Zendesk.
Founded in 2016 by a team of serial entrepreneurs to help companies save time with administrative human resources tasks, and focus instead on other more impactful activities. From managing employee absences to recording staff hours, the Factorial tool brings everything ‘HR’ into one easy-to-use platform.
The startup claims to have about 60,000 clients in around 40 countries worldwide. Last year the company secured an eight percent revenue growth.
“The introduction of technology in HR management allows us to focus more on people and less in processes,” said CEO Romero.
In order to successfully achieve its exponential growth, the HR-Tech company will focus attention on developing new functionalities to help companies transition to digital when it comes to recruitment, performance reviews, time tracking, and much more, said the company statement.
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