A Spanish all-in-one automated HR management platform for small and medium businesses (SMBs) worldwide, Factorial, has secured $120 million in Series C funding. With this round, the company attains unicorn status as it reaches a valuation of $1 billion.
The investment round was led by Atomico (which backed TestGorilla, Vaayu, and Ben) alongside participation from GIC and all previous investors, including Tiger Global, CRV, K-Fund, and Creandum, and makes Factorial Europe’s newest unicorn. Atomico Partner Luca Eisenstecken joins the Factorial board as part of the investment.
Plan to scale operations
Factorial will use the funding to further scale operations in existing markets across UK, Spain, US, Germany, Italy, Portugal, France, Mexico and Brazil. Also, it eyes to open a dedicated office in Miami and expand into new markets globally. This new investment will also allow Factorial to expand its product depth and feature range, thereby solving more problems related to people management for small and medium businesses.
“HR has gone through a seismic shift across every industry – from a focus on workforce control to the primary function of empowering and challenging your employees. Getting this right results in a key SMB strength: a close-knit, people-centric culture that many workers seek,” said Factorial CEO and founder Jordi Romero. “We are proud to partner with Luca and the Atomico team, a firm that truly cares about making sure the next big tech company emerges from Europe, to address this massive shift of SMBs searching for HR software built just for them. Factorial is uniquely positioned to serve this continually expanding untapped market.”
“SMBs are vastly underserved in the current HR software market, which is focussed on attracting large enterprises and these products are often too complex and costly for small businesses,” said Atomico partner Luca Eisenstecken. “Factorial is radically different in that it is a horizontal product designed with SMBs in mind. Factorial’s all-in-one software replaces time-intensive manual work and offers insights and metrics to provide essential support and allow smaller companies to foster a people-first approach whilst scaling the business.”
Automates HR processes
Factorial was founded in 2016 in Barcelona by Jordi Romero, Bernat Farrero, and Pau Ramon, with deep expertise building productivity software. The company’s vision is to enable SMBs worldwide to make better people decisions based on data and increasing data driven insights. By automating and centralising processes such as recruiting, onboarding, absence management, payroll, and time tracking, Factorial helps companies reduce up to one week’s of repetitive, administrative tasks per month.
Factorial makes every HR feature 10x more powerful and 10x more seamless by having them all under one roof. Combined with intuitive design, affordable pricing to suit smaller teams and complemented by automation technology that rivals enterprise-level software, it becomes a game-changer for small business owners and employees alike.
With over 7,000 customers across 9 countries, Factorial serves clients such as Freshly Cosmetics, Vicio, Booking.com, and Whisbi.