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Factorial Raises $16 Million – Spain’s Largest Funding Round of 2020!

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factorial series a funding round

Thanks to CRV, Silicon Valley investor in Twitter, Dropbox and Zendesk, our team at Factorial is revolutionizing the HR industry worldwide.

From everyone at Factorial, we are pleased to announce a successful $16 Million funding round. Thanks to our collaboration with CRV, a prestigious and well respected Venture Capital firm in Silicon Valley, we are continuing our expansion internationally and bringing HR solutions to companies worldwide. For those who aren’t familiar with the work we do, our international team of over 70 employees is committed to improving the way companies manage their HR processes. Our Human Resources management platform provides a software solution for medium-sized businesses to help them streamline their HR processes and digitize cumbersome tasks. At Factorial, we have experienced rapid growth and expansion, since 2016 when the company was born. In 2019 alone, our revenue grew by eight times.

“Our growth shows that Barcelona is the perfect location for creating a global company with the best investors and while recruiting top talent,” Jordi Romero, Factorial CEO. 

This recent Series A funding round, and the largest startup series funding investment in Spain for 2020, build on what has already been an exceptionally successful year for us here at Factorial. We are incredibly grateful for the support we have received and are looking forward to giving that back to our customers. It is our pleasure to be known as one of the leading startups in HR, something we do not take lightly.

International Expansion Plan

With CRV’s investment fund, our focus is to expand further into our international markets, providing new and improved functionalities to solve the problems HR professionals face. Our aim is to build on the already successful range of features we already have, including applicant tracking and recruitment, performance evaluation, time tracking, absence management, document management and more. As more companies expand their operations online, systems to digitize processes are more needed than ever, which is exactly why Factorial is offering support for companies through the transition to digital and beyond.

Thanks to the support of this recent investment, we are preparing to grow exponentially in key international markets throughout Europe and in America. At present, we offer support to businesses in more than 40 countries.

At Factorial, we have multiplied our revenue by eight, and are expanding internationally to offer more functionalities to solve growing HR problems.

Our Roots

Factorial was founded in 2016, ​​thanks to a team of passionate serial entrepreneurs based in Barcelona. After managing different technology companies, Jordi Romero, Bernat Farrero and Pau Ramón, came together to work on a project that would become what now is, Factorial, one of the top HR Software solutions for managing employees and time-consuming administrative tasks. Their aim was to change the current work paradigm. They wanted to make managing HR processes simple and automate tasks so that managers could have more time to focus on their employees and commit to making better business decisions.

The Idea for Factorial – An insider’s look

Jordi Romero, CEO of Factorial (previously founder and CTO of Redbooth), shares the story of himself, Bernat and Pau. As engineers, by nature, it is their job to find solutions to problems. In their previous roles as executives in fast-growing companies, they all experienced something similar. That was, they shared frustration around the lack of technology that existed which could help them scale their organization while at the same time, recruiting the best talent. Although they found that there were great tools to scale an organization, develop marketing strategies, and assist with finance processes, there was nothing that would help develop a company’s talent while in the process.

Many of the companies that existed during that time, didn’t seem to offer the solutions that would really help solve the problems of a mid-sized company globally. It was at that moment, they decided to find a solution to ease their pain and those of many others. Together, they combined their skills and knowledge of building software, with their research into the needs of the market, and from this, they created Factorial.

“Our mission is to help companies make better business decisions based on data. That means that solving HR administrative problems is just the start. It’s not why we exist, but it’s a necessary step, to make sure that we can free up time for HR leaders and managers so they can actually focus on what matters: on developing and growing their team.” Jordi Romero, CEO of Factorial.

We want to encourage companies to accelerate their thinking behind HR. It’s important to understand that HR is not only about managing people and optimizing resources. Rather, at the core, it is about fully developing the talent they have available.

HR Solutions Built for the Specific Needs of HR Users

Our intuitive HR platform offers a simple solution allowing small and medium-sized companies to manage cumbersome HR processes with ease. Digitizing time-consuming tasks, while empowering those responsible for human resources is what we believe is the secret to success. Your employees are what’s more important, but yet, finding the time to effectively manage your team can be a challenge. By streamlining a company’s HR processes, we hope to give back valuable time to HR managers that would have been otherwise lost in paperwork.

“The use of new technologies in the management of human resources allows for companies to focus more on their employees, rather than become lost in their processes” Jordi Romero, CEO of Factorial.

With more time, managers can focus on making smarter business decisions that will lead to the success of their company.

Technology to Revolutionize Human Resources Departments

A company can only achieve success if they have nurtured their workforce; this is something at Factorial we have made a part of our ethos. With our all-in-one HR solution that centralizes and facilitates the effective management of employees within companies, organizations are better equipped to reach their goals and objectives.

“Factorial was built for the HR users, and designed for the needs of HR managers today,” Reid Christian, General Partner at CRV.

Teaming up with the Best Investors [Series A Funding Round]

Together with the support of CRV, one of the top venture capital firms in Silicon Valley, and a trusted American firm, we have no doubts that we’ll be able to work together to bring our customers the solutions they require, now and in the future. Our team of dedicated employees, invested in the company mission, make up the top talent in the tech industry. With a team of highly skilled professionals, together with CRV, we hope to expand even further internationally.

CRV has led many of the largest tech exits and invested in companies that have gone on to make a significant impact in the tech industry. Some of these include Twitter, Dropbox, and Zendesk; a company that is valued at 8 billion dollars. We are grateful to have support from investment firms like CRV.  Their contribution shows that not only do they believe in our mission and vision but more importantly, the trust they have in us.

Find out more…

If you’d like to read more about our recent investment round, you can check us out in the following places:

From everyone at Factorial, we want to give a huge thank you again to CRV, Creandum, Point Nine, and K Fund for proudly supporting Factorial. Your contribution towards our growth reflects the trust and confidence you have in Factorial to continue innovating and delivering new product advancements. We are honored to stand alongside companies like Spotify, Bolt, Lift, and Revolut, which have also received contributions from the investment firms that have chosen to support our mission and vision in our expansion across the globe.

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