Factorial wants to change the world by becoming the leader in workplace management all over the world and it is now closer to achieve its goal after raising €2.8M from Creandum, Point Nine Capital and K Fund.
International funds Creandum and Point Nine Capital (investors in companies such as Spotify and Typeform, respectively) are participating in this financing round, together with the Spanish fund K fund that add up to the € 500,000 that were raised more than a year ago from several local entrepreneurs.
“The ease with which they solve a problem as complex as employee management seemed just spectacular”, says Iñaki Arrola, general partner of K Fund, one of the venture capital funds that participated in the financing round. “Since we launched K Fund in July 2016, we have made a significant bet for SaaS companies, which account for more than half of our portfolio, and also for startups settled in Barcelona. Factorial fits like a glove with our investment strategy,” adds Arrola.
Factorial was born in itnig as the initiative of three engineers (Jordi Romero, Bernat Farrero and Pau Ramón) who, after managing different technology companies, decided to develop another way of carrying out administrative tasks and employee management. That was the main reason for creating Factorial; changing the current work paradigm. This cloud tool not only turns payroll and employee contracts into a child’s play that everyone can understand, but also automates their generation; connects it directly with public administrations and allows managers and labor experts to interact and draw conclusions in real time.
After a little more than a year since its establishment, Factorial has managed to make a difference in the daily life of more than 10,000 customers thanks to the free services of its software. The program allows you to manage absences and vacation of employees, their benefits, and even more recently, the management and creation of contracts and payslips in just a few clicks. All this with the ease of a cloud storing.