It is close to being the new unicorn of the technology market in Spain together with Glovo and Cabify, but with less fuss in between. Factorial, which has overcome the wave of the coronavirus totally in its favor, can already say that it is close to the Olympus of Spanish startups. The platform human resource management for small and medium-sized companies has just announced a new Series B round of 80 million dollars (just under 70 million euros) from the hand of Tiger Global Management. One of the most prolific and active funds of the moment.
This operation, which quite possibly occupies the first place in those closed in 2021, which is already a record in financing and amounts, comes almost immediately after the 2020 operation.
With the funds raised, Factorial will focus on growing its team to fuel the platform. As well as beginning a serious and firm expansion in the United States or Brazil.
In April 2020, together in the middle of the harshest confinement, Factorial announced a Series A of 15 million euros. While is true that funding management started before the pandemic, the need for online management of work teams confirmed the success of the operation. If the company’s growth had been slow and uneven, the coronavirus pandemic confirmed Factorial’s maxim. They had hit the key for HR software management at the right time.
Beyond Factorial, Tiger sets trends
It was precisely that operation that created the one that now closes the human resources platform. As Jordi Romero explains to El Confidencial, the founder of Factorial, it was Tiger Global Management who approached the company. Right after his Serie A and with the firm intention of contributing more capital. Just over a year later, Tiger has achieved his goal.
And it is that Tiger usually achieves what he wants, at least in recent months. The New York-based fund is positioning itself as one of the most aggressive of the moment. Both in the search for companies in which to place your trust, and in the subsequent processes. Perhaps being away from the entrepreneurial world of Silicon Valley has shaped his strategy over the years.
It is not clear if it will be the strategy with Factorial, but they are known for investing to go public in a few years, also for not following the established processes. If a financing round can take months between some documents and others, Tiger skips the pattern. If they want to invest, they will not care what the figures say. Besides that also they will invest more capital than the rest of their competition, which brings down an increasingly restrained competition with figures.
In any case, Tiger has a very long history. According to data from Crunchbase, the fund has closed 683 investments, of which it has led almost 400 – of course, this Factorial is one of them. Just so far this year, Tiger has closed deals with almost 200 of them and with figures that are measured in millions for each of them.
Regarding the exits, Tiger is not short either: 104. Among which we can find Coinbase, Peloton, Square or even Facebook.