Parisian occupational health software firm padoa has secured €80 million in a new funding round. The service provides occupational health teams with a host of tools ranging from managing appointments, general administration, staff management, individual employee follow-ups, and the design of prevention policies in the workplace.
The latest funding round will help the company further invest in research and development projects, as well as welcome some 60+ fresh faces to the team. To date, padoa has raised approximately €105 million.
Anticipated to grow at a CAGR of 3.2% from 2021 to 2028 and projected to reach $5,493.39 million by 2028 from $4,405.13 million in 2021, the occupational health sector is, in a word: huge.
Perhaps sensing the prevailing winds, padoa was established in 2016, and hails from the Kamet Ventures startup studio. The startup operates under the thesis that the key to effective occupational risk prevention is to engage experts, employers, and employees together. And thus, in addition to a single dashboard aimed at simplifying the lives of enterprise clients, padoa is also bringing some of the same benefits to SME’s, namely via its ‘Single Document’ product.
With the collaboration factor in mind, small business owners can create a simple, yet effective prevention action plan shared between employers and occupational health teams. Padoa argues that through a combined effort, employers become the true partner of members in their prevention strategy.
The 140 strong padoa team serves 18 SPST customers, accounting for 2,000 users and 172,000 members, culminating in the monitoring of over 2 million employees’ health.
Padoa’s latest funding round was led byRothschild & Co’s Five Arrows Growth Capital, with Kamet Ventures continuing to hold its majority stake in the company, as well as founders retaining a significant equity interest.
In addition to the capital, Five Arrows will provide padoa with strategic and financial support, as well as access to Rothschild & Co’s network in the healthcare and technology sectors.
“padoa has been growing since inception with the vision of providing occupational health centres in France with technological tools to meet their unique challenges. This transaction will enable us to further strengthen our software platform and keep innovating for our clients,” commented padoa co-founder and CEO Cédric Mathorel.