Barcelona's human resources startup Factorial becomes a Unicorn after $120m Series C investment round
Barcelona-based human resources startup Factorial is now the newest European unicorn after closing a Series C investment round of $120 million with a valuation of $1 billion. This round was led by Atomico, with the participation of GIC and all previous investors, including Tiger Global, CRV, K-Fund, and Creandum. Additionally, Atomico partner Luca Eisenstecken, joins Factorial's board as a part of the investment.
Factorial is changing human resources and creating a present in which people come first, and the company's commitment to grow in Spain and strengthening its other markets in Europe and America is sturdier than ever.
Jordi Romero, CEO, Factorial: ''Human resources has experienced a shift: it has gone from being focused solely on work to empowering and caring about the people who work in the company. By achieving this, you obtain a key strength for SMBs: a close-knit, people-focused culture that a lot of people are after.''
Factorial's mission has always been to automate HR processes and centralize them within one tool. Why? Because small and medium-sized businesses had broken talent and people management models and just needed to save time and money. How? By devoting time and resources to take manual processes to intuitive, attainable ones. With Factorial, small and medium-sized businesses have what they need to stand out. They can develop their competitive edge while simultaneously optimizing HR processes and saving time.
In just three years, Factorial has grown 200%, going from 70 clients to 7,000 throughout nine markets worldwide. Factorial started in Spain and now has clients in France, Italy, Portugal, The United States, Latin America, and much more. This new funding will allow Factorial to strengthen its markets and enhance its abilities. With this purpose in mind, Factorial want to continue resolving people management problems. Most importantly, make human resources even more human.
The $120 million round is the fifth investment round that Factorial has received, following the first round for €500,000, the second round for €2.8 million, the third round for €15 million and fourth round for €67 million.
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