People who needed to manage others, and those working for organizations, suddenly needed - and were willing to pay for - new kinds of tools to carry out their roles.īut it wasn’t always like this. Across both, organizations were facing economics-based contractions, furloughs, and in other cases, hiring pushes, despite being without offices to carry all that out.Īll of this had an impact on HR. Front-line workers, meanwhile, faced a completely new set of challenges in doing their jobs, whether it was to minimize exposure to the coronavirus, or dealing with giant volumes of demand for their services. In the world of desk jobs, offices largely disappeared overnight, with people shifting to working at home in compliance with shelter-in-place orders to curb the spread of the virus, and then in many cases staying there even after those were lifted as companies grappled both with balancing the best (and least infectious) way forward and their own employees’ demands for safety and productivity. The pandemic, as we have seen, massively changed how - and where - many of us work. That timing turned out to be significant: Factorial, as you might expect of an HR startup, was shaped by COVID-19 in a pretty powerful way. Factorial has raised $100 million to date, including a $16 million Series A round in early 2020, just ahead of the COVID-19 pandemic really taking hold of the world. The Series B is being led by Tiger Global, and past investors CRV, Creandum, Point Nine and K Fund are also participating, at a valuation we understand from sources to be in the region of $500 million post-money. Other services such as the actual process of payroll or sourcing candidates, it partners and integrates closely with more localized third parties. That is unique to the SME.” Customers can include smaller franchises of much larger organizations, too: KFC,, and Whisbi are among those that fall into this category for Factorial.įactorial offers a one-stop shop to manage hiring, onboarding, payroll management, time off, performance management, internal communications and more. SMEs want solutions that have as much data as possible in one single place. We see other competitors of ours are trying to move into SME and they are screwing up their product by making it too complex. This is the segment that needs the most help. “We have a generous definition of SME,” Romero said of how the company first started with a target of 10-15 employees but is now working in the size bracket that it is. Factorial, a startup out of Barcelona that has built a platform that lets SMBs run human resources functions with the same kind of tools that typically are used by much bigger companies, is today announcing some funding to bulk up its own position: The company has raised $80 million, funding that it will be using to expand its operations geographically - specifically deeper into Latin American markets - and to continue to augment its product with more features.ĬEO Jordi Romero, who co-founded the startup with Pau Ramon and Bernat Farrero - said in an interview that Factorial has seen a huge boom of growth in the last 18 months and counts more than 75,000 customers across 65 countries, with the average size of each customer in the range of 100 employees, although they can be significantly (single-digit) smaller or potentially up to 1,000 (the “M” of SMB, or SME as it’s often called in Europe).
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