Unicorns
HR tech startup Factorial joins European unicorn club
October 11, 2022
Barcelona-based HR automation specialist Factorial has nearly doubled its valuation with a $120 million round, becoming Europe's newest unicorn.
The Series C, which values the company at $1 billion, represents an 88.7% increase from Factorial's Series B price tag of $530 million, according to PitchBook data. Atomico led this latest round, and was joined by K Fund, GIC, Tiger Global, CRV and Creandum, according to reports.
The amount of venture capital invested in European HR tech has remained buoyant this year as companies continue to navigate hybrid and remote work. While deal count for the sector has pulled back compared to 2021 as the downturn injects more caution into the market, capital raised has already surpassed last year's record with €2.6 billion invested, according to PitchBook data.
Personio, another provider of an HR automation platform, recorded the year's largest round with its $470 million Series E, which brought its valuation up to $8.5 billion. Payroll software developer PayFit became Europe's first unicorn of 2022 with its €254 million Series E.
Founded in 2016, Factorial offers a platform that is designed to automate and centralize HR processes such as recruitment, onboarding, shift management and payroll for small and medium-sized businesses. It currently has more than 7,000 customers and has registered over 200% annual revenue growth since 2019.
Featured image by tomertu/Shutterstock
The Series C, which values the company at $1 billion, represents an 88.7% increase from Factorial's Series B price tag of $530 million, according to PitchBook data. Atomico led this latest round, and was joined by K Fund, GIC, Tiger Global, CRV and Creandum, according to reports.
The amount of venture capital invested in European HR tech has remained buoyant this year as companies continue to navigate hybrid and remote work. While deal count for the sector has pulled back compared to 2021 as the downturn injects more caution into the market, capital raised has already surpassed last year's record with €2.6 billion invested, according to PitchBook data.
Personio, another provider of an HR automation platform, recorded the year's largest round with its $470 million Series E, which brought its valuation up to $8.5 billion. Payroll software developer PayFit became Europe's first unicorn of 2022 with its €254 million Series E.
Founded in 2016, Factorial offers a platform that is designed to automate and centralize HR processes such as recruitment, onboarding, shift management and payroll for small and medium-sized businesses. It currently has more than 7,000 customers and has registered over 200% annual revenue growth since 2019.
Featured image by tomertu/Shutterstock
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