Factorial to date has picked up some 7,000 customers across Europe in countries like the U.K. This new announcement is the cherry on top of a very well-enjoyed cake and reflects strength in the company’s idea as well as a successful strategy of product development and market expansion. Examine the effects of the latest technology with the Tech.eu lens, see the details and create powerful strategies. Take immediate action to access exclusive articles and reports. Sign in to your account, or Sign up to stay up to date with the hottest European tech startup news. There are two members on the board of directors for Factorial.
These two considerations have left SMBs to miss out on developing an organisation that places its people at the centre, which ought to be a fundamental strength. 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, CRVand Creandum, according to reports. The typical Factorial customer, he explains, tends to be an organisation of around 100 people, which hasn’t yet built a big HR team and wants a solution that’s easy to use and implement. Romero says that, while enterprise-level clients might have deeper pockets than SMEs, there’s a huge untapped goldmine of smaller businesses out there in need of digital solutions like Factorial’s.
Although Factorial uses more than three dozen technology services, it’s managed to keep its IT expenses at a minimum. It’s projected that Factorial will spend $27.2K on its IT overhead for 2021. While it’s in the tens of thousands, it’s bets to shrink gig shoppers a lot less than many other large companies, that often spend in the hundreds of thousands annually, or even millions. The increasing adoption of cloud-based workforce management solutions across verticals is driving market growth.
The analytics for the Factorial website shows that there has been an increase in interest in the company’s products and services over the past 30 days. The website has been visited 192,445 times over the past month. This reflects a monthly visits growth increase of 14.26 percent.
“Our service allows smaller companies to have people management tools similar to those used by large corporations, which can help them both gain productivity but also to better understand how to retain talent,” he said. The fresh capital will be used to further develop Factorial’s product as it aims to offer a fully comprehensive HR tool to businesses, and to help it scale internationally. The company will also be opening a new office in Miami and will be doubling its workforce from 800 to 1,600 in the coming year. The pandemic, as we have seen, massively changed how — and where — many of us work.
Jordi served as chief executive officer of Itnig, an early-stage seed funding firm. He is now a Title partner with the firm who remains on the board of directors as an advisor. The program of the different ministries of the Dutch government, the Key Employee Permit, allows Dutch startups to get international talent to the Netherlands to work for your startup. As a first European country, the Netherlands offers a visa that is based on Employee participation.
During the last year, Factorial has tripled its revenues, growing from a team of 39 in 2019 to 253 today. Factorial, which serves thousands of clients in more than 65 countries, has been ranked among the Top 10 most promising startups in Europe. With the new funds, Factorial will expand to new markets, opening offices in the USA and Brazil. From its Barcelona roots, Factorial has grown its customer base from 70 to 7,000 since 2019, spanning nine global markets and making Factorial probably the fastest-growing company in the industry. The round was led by Atomico, with participation from GIC and all previous investors including Tiger Global, CRV, K-Fund and Creandum.