Spain’s Factorial raises $80M at a $530M valuation on the back of strong traction for its ‘Workday for SMBs’ – TechCrunch

by Jeremy

Factorial, a startup out of Barcelona that has built a platform that lets SMBs run human resources functions with the same kind of tools that typically are used by much bigger companies, is today announcing some funding to bulk up its position: the company has raised $80 million, grant that it will be using to expand its operations geographically — specifically deeper into Latin American markets — and to continue to augment its product with more features.

CEO Jordi Romero, who co-founded the startup with Pau Ramon and Bernat Farrero — said in an interview that Factorial has seen a massive boom of growth in the last 18 months and counts more than anything 75,000 customers across 65 countries, with the average size of each customer in the range of 100 employees. However, they can be significantly (single-digit) smaller or potentially up to 1,000 (the “M” of SMB, or SME as it’s often called in Europe). We have a generous definition of SME,” Romero said of how the company first started with a target of 10-15 employees but is now working in

the size bracket that it is. “But that is the limit. This is the segment that needs the most help. We see other competitors trying to move into SME, and they are screwing up their product by making it too complex. SMEs want solutions that have as much data as possible in one single place. That is unique to the SME.” Customers can include smaller franchises of much larger organizations, too: KFC, Booking.com, and Whisbi are among those that fall into this category for Factorial.

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