Factorial, an HR software startup based in Barcelona, has landed a €2.8 million funding round from Creandum, Point Nine Capital, and K Fund. The company is planning to use the capital injection to expand from Spain to other European markets.
Aimed at SMEs with under 200 employees, Factorial's cloud software suite is there to take care of payroll, employee contracts, and work management. It also facilitates work counselling and flexible compensation plans and benefits. The core functionality of Factorial is—and, the company says, will always be—free; the startup earns money from benefit suppliers its customers can work with through the platform.
Factorial was founded in Barcelona in 2017 and has been used to manage more than 10,000 employees so far.