Our Investment in Factorial: Empowering SMB's with a people-first automated HR platform
Businesses big and small have transformed at an incredible pace over the last few years. As technology has evolved and working patterns have shifted as a result of the COVID-19 pandemic, hybrid working has become the norm rather than the exception. Companies have needed to adapt on the spot to meet the needs of a complex workforce, leading to a flurry of firms being set up to meet these new expectations.
At Atomico, we are proud of our track record of investment in the employee wellness and productivity space. We have been fortunate enough to partner with six other companies, including unicorns Gympass and JobandTalent. We recognise the potential of aligning HR with technology to manage increasingly complex and disparate teams.. That’s why we are delighted to announce our investment in Factorial, an all-in-one HR platform that is focussed on meeting the unique needs of SMBs that have been historically overlooked by other HR technology companies designed to serve bigger enterprises.
Now accounting for more than 70% of OECD jobs, SMBs are crucial in shaping today’s world of work and will be instrumental in defining its future. They serve as engines of innovation - challenging incumbents and driving competition, while pushing the importance of a people-first approach to the workplace. 70%
But, despite small and medium firms continuing to dominate the economy, entrepreneurs have rushed to build software to support large enterprises in managing teams. However, Factorial founders Jordi Romero, Pau Revilla, and Bernat Farrero understood that the bulk of SMBs were neglected. Existing HR technology providers built software that was usually too costly and complex for smaller businesses, resulting in only 30% of SMBs accessing recruiting software in 2021. The trio set out to find a solution that appeals to small and medium sized firms by designing a platform that is cost effective, intuitive and useful for managers and employees alike.
Factorial’s automated platform incorporates accessible payroll, compensation and performance management systems under one-roof, relieving managers from time-intensive manual management processes. Enterprise-standard automation technology, coupled with intuitive design and affordable pricing , positions Factorial as the leading force to support SMBs to focus on what really matters: people and culture.
Data-rich insights, performance analytics and goal tracking provides accessible performance data to help managers make informed decisions to support employees and to scale the business. With deep founder expertise in productivity software, Factorial has struck a unique balance of tools, knowledge and data. And with most, if not all, SMBs turning to technology HR management over the next few years, Factorial’s platform is perfectly positioned to meet this surge in demand. The impact of this trend has already been felt: Factorial has seen 3.7x growth since the company’s 2021 Series B funding round.
Factorial has been built with people at its core. The investment from this round will be used by Factorial to further scale operations in current markets in the UK, Spain, US, Germany, Italy, Portugal, France, Mexico, and Brazil, including opening a dedicated office space in Miami, and expanding into new global markets. With this fresh financing, Factorial will also be able to broaden the scope of its product offerings and feature set.
We are thrilled to partner with Pau, Jordi and Bernat at such an exciting stage of their growth. Together, we hope to accelerate Factorial’s plans to bring bespoke, seamless HR solutions to SMBs around the world.