Tech
HR software startup Factorial has raised $120 million at a $1 billion valuation. Here’s the 11-slide pitch deck it used.
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- Spanish HR tech startup Factorial has raised $120 million in fresh funding.
- Its software lets employers manage time off, hiring, payroll, and other HR functions.
- The Barcelona-based company has become a unicorn after raising a new deal led by Atomico.
Spanish HR tech startup Factorial has raised $120 million in fresh funding to become the country’s latest unicorn, valued at $1 billion.
Founded in 2016, Factorial provides an HR platform to small- and medium-sized businesses. The Barcelona-based startup offers an integrated look at hours worked, compensation, and performance, plus payroll and sick leave. Factorial claims to have around 7,000 customers with a focus on smaller, traditional businesses that often lack a larger HR function or digital-management tools.
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“It’s an interesting time to be in business,” Jordi Romero, Factorial’s CEO and cofounder, said. “Our platform helps companies grow when the economy is booming so you can promote rising stars, but also now in a downturn too you need to be more accurate when making decisions, so you need more data.”
Factorial claims to have grown continuously since 2019, coinciding with the pandemic upending working patterns, and has been hiring aggressively despite a current downturn in tech.
The company began 2022 with 300 staff and now has more than 800, with Romero suggesting the company’s headcount would top 1,000 by the start of next year as it pushes to grow.
Currently, Factorial has a presence around Western Europe, Mexico, and Brazil but the startup has recently opened an office in Miami which Romero told Insider would be the launch pad for a stronger push into the US market in the coming months.
Amid concerns about the possibility that the VC funding market could become further depressed, the company began talks over its latest funding round at the beginning of the summer and closed the deal at a unicorn valuation a couple of months later.
“Compared with last year, this funding took longer but we’ve always been very lucky to be able to choose our partners,” Romero added. “Our company does a lot of small deals so when an expert looks at our business and compares it to a benchmark it’s a strong validation, being unicorn didn’t mean as much last year but this year it does because bar is higher.”
This latest round is led by Atomico, with participation from GIC and previous investors including Tiger Global, CRV, K-Fund, and Creandum.
Check out Factorial’s pitch deck below:
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