Factorial, a HR and employee benefits supplier, has collected €2.8m through a new financing round.
The capital was supplied by international funds Creandum and Point Nine Capital, with Spanish venture firm K fund also making a commitment. This capital injection follows on from a €500,000 investment which was raised last year from local entrepreneurs.
Through the new funding line, the company will look to bolster its position as a workplace management platform in Spain and Europe.
Factorial provides a number of HR and employee benefit tools to over 20,000 companies across Spain. Through a single subscription model, the company offers a comprehensive work management plan with payslip generation, work counselling and flexible compensation plans.
Through the employee benefits, companies can offer their staff access to private health insurance, childcare checks, transport prepaid cards and meal prepaid cards.
Factorial CEO Jordi Romero said, “More than 85% of companies outsource this [HR] key function to a processing agency and lose control of their own information. “In addition, they allocate part of their scarce resources to administrative management, which does not bring any value, instead of dedicating this time to developing their employees.”
Earlier in the year, Creandum participated in the £8m funding round of business current account Tide. UK-based Tide is a business current account, which has no monthly fees, but a 20p charge per bank transfer, in or out, and a £1 cost for ATM withdrawals.
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