Co-founders of Factorial Pau Ramon Revilla (CTO) and Jordi Romero (CEO).

There’s a new startup in town, and we’re lucky to say it’s an itnig company.

Factorial wants to make the HR role both easier and less time consuming through their cloud-based HR platform.

Factorial has already started on-boarding several Barcelona companies to their platform.

Many small and medium businesses don’t have a budget for a full-time HR person, so managing employees, their contracts, pay slips, time off, benefits, insurance and much more, is left to the CEO, the office manager or someone else.

All of these tasks, and more, are automated through Factorial, explains CTO and co-founder Pau Ramon Revilla.

Our customer interviews shows that HR managers use 80 percent of their time on cumbersome chores, and only 20 percent on building culture and boosting productivity. We want to flip those numbers.

Bringing the Zenefits model to Europe (and the world..)

Even though there’s several HR management platforms in Europe, they are not designed for the needs of small and medium businesses (payroll, benefits, time-management, etc.) that Factorial offers, says CEO and co-founder Jordi Romero:

The initial seed idea was to bring the Zenefits model to Europe.

Zenefits was born from newly introduced regulations that forced American companies to provide certain benefits for their employees, but European markets work very differently, and this is where Factorial comes in. They’re currently exploring what to offer in the different markets, and they’ll start in a few European countries, according to CEO Romero.

Usually all companies reinvent their own way of dealing with HR processes, using forms and excel sheets, which is very time consuming. We’ll change that.

Moving fast

Only three months ago Jordi and Pau didn’t have a product, but they’ve been building non-stop and have recently started on-boarding companies into their platform, according to CTO Ramon:

We’re testing what’s basically our MVP with 5–6 companies in Barcelona now, and so far the feedback has been good.

They’re currently raising their first round of funding, and will be using the next 6 months to build an international product, and then establish partnerships for benefits around Europe.

“The initial seed idea was to bring the Zenefits model to Europe” — Jordi Romero

Both Romero and Ramon are coming from executive positions in SaaS company Redbooth, where they worked as VP of business development and CTO.

We’re bringing a lot of valuable knowledge and experience from Redbooth on how to run a SaaS company, the metrics, how to convert users in to actual customers, and much more.

Targeting startups

Factorial is meant for all small and medium businesses, but the first months their targeting startups, says CEO and co-founder Romero.

The co-founders in talks with the itnig design and business development team.

Tech startups usually have higher salaries, and are more creative in ways to compensate their employees. At the same time, they’re often very depending on efficiency and productivity, so it’s a very good fit for Factorial.

Factorial is one of six companies currently being built in itnig’s venture builder in Poble Nou, and all the other startups in the ecosystem are using Factorial.

Now the race to build a great team has begun, says Ramon:

We’re looking for great developers to help us build Factorial. As the CTO of Redbooth I’ve learned a lot about how to grow a team, create a good culture and to foster productivity and creativity. I’m looking forward to applying this knowledge in Factorial.


This post was written by Sindre Hopland, media manager at itnig.


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W.

WeWork running out of cash & Faraday on bankruptcy

This is the Newsletter shared on the 21st of October. If you wish to receive newsletter faster, you can subscribe here: https://itnig.net/newsletter ​​

Hi entrepreneur,


After raising €25M, Bnext is opening a new… crowdfunding round! The neobank is quickly growing like many other fintech startups. Don’t lose count and check out the European unicorn landscape.

On the other side of the spectrum, the once-claimed Tesla competitor Faraday files for bankruptcy. Other manufacturers are racing to capture the growing electric vehicle opportunity.

Of course, WeWork also had its show time this week as we got to know that it might run out of cash by mid-November. Oh, and totally unrelated, if you are thinking of changing offices, check out our options available at Itnig😜

– Itnig’s team

Podcast #111: How to boost your startup growth with Glovo and Ulabox

In this week’s podcast, Glovo and Ulabox are two companies having a business model based on a big number of operations. On the one hand, Ulabox is an online supermarket that stocks and ships items everywhere in Spain while Glovo is an on-demand courier service.

In this episode Eduard Cabanas (CFO at Ulabox) and Eduard Ros (CFO at Glovo) answer topics like how to get your company ready to rapidly grow and which metrics to pay close attention to keep on the right path.

This week’s podcast is brought to you by Factorial, the HR software that does all the heavy work for you. Start now managing your company with advance reports, time & attendance signing and muc more!

New funding for startups