HRtech VEDA raises €17M for payroll-as-a-service

CIBC Innovation Banking has provided €17M to VEDA, a German HR software and payroll-as-a-service provider. 

VEDA offers payroll, recruitment, personnel development and learning management services on one platform. It will use the funding for international expansion primarily in the DACH (Germany, Austria and Switzerland) region, as well as the UK.

Funding will also be used to develop its buy-and-build strategy: the acquisition of payroll software companies and payroll services and explore new international markets such as Benelux, the UK and the Nordics. The company was recently acquired by global alternative investment firm Investcorp.

CEO Dr. Ralf Gräßler commented: “The pandemic changed the game for HR departments, stretching teams of professionals to the limit as they dealt with remote working and talent shortages. VEDA’s technology provides relief by offering a whole HR platform and the option to outsource certain services. The financing from CIBC Innovation Banking will support us in our buy-and-build strategy as we expand into current markets and explore new ones. We are excited to work with CIBC Innovation Banking as we start this new era of growth.”

“We are delighted to be supporting VEDA in their next stage of growth, as they expand their market share, and explore new markets. Our funding has enabled VEDA, as part of the Mittelstand, to explore new avenues for growth and we look forward to supporting this.” said Sean Duffy, Managing Director at CIBC.