Factorial announced that they have closed an $80 million Series B funding round led by Tiger Global Management, with participation from previous investors CRV, Creandum, Point Nine Capital, and K Fund, bringing the total funding amount to $100 million.
“We have a generous definition of SME,” said CEO Jordi Romero of how the company first started with a target of 10-15 employees but is now working in the size bracket that it is. “But that is the limit. This is the segment that needs the most help. We see other competitors of ours are trying to move into SME and they are screwing up their product by making it too complex. SMEs want solutions that have as much data as possible in one single place. That is unique to the SME.”
Businesses all over the world need to take advantage of data in order to transform the way that they make decisions. Too many SMEs manage their teams without any information or technology to guide them. Factorial’s mission is to help these organizations work more strategically. Last year, they expanded their customer base across Europe and in Latin and North America. The team grew from 39 in 2019 to 253 and they opened a new office in Mexico City to meet growing demand.
With the new funding the company will open offices in Brazil and North America. They will also continue expanding thetools to become a true all-in-one people data platform.
Announcement: Factorial Raises $80M for HR Platform for SMB