Payroll platform Worky nets $3m in its seed round

HR and payroll platform Worky has collected $3m in its seed round which was led by QED Investors.

Contributions also came from previous Worky backer LEAP Global Partners.

As part of the investment, QED Investors partner Lauren Connolley Morton and LEAP Global Partners venture partner Leticia Jauregui will join the Worky board of directors.

With the seed capital, the FinTech is looking to enhance its technology and scale its operations.

Founded in 2018, the company helps small and medium businesses in Mexico improve their payroll and HR workflows. Its end-to-end solution can automate employee files, PTO management, recruiting, evaluations, payroll, employee benefits and more.

The FinTech claims that Mexico struggles with employee retention, with rotation often exceeding 65%. Worky CEO Maya Dadoo said, “Through Worky, companies have decreased their employee attrition by 30% in the first three months of use.”

QED Investors partner Lauren Connolley Morton said, “We’ve invested in HR technology companies worldwide, and we’re convinced that Worky is the winning platform for small- and medium-sized businesses in Mexico and for the 20 million Mexicans who work for them.”

There have been a handful of payroll solution providers to closed funding this year. Last month, Papaya Global secured a strategic investment from Group11 and in April, Everee scored $10m in its Series A from Origin Ventures and Signal Peak Ventures..

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