Irish business HR Duo is averaging 53% compound revenue growth per annum.
Dunshaughlin, Co Meath, HR tech business HR Duo has raised €4.5m in a Series A funding round that will enable it to accelerate product development, grow its workforce and scale internationally.
The €4.5m funding round was led by Puma Private Equity, a leading provider of growth capital to small and medium-sized businesses across the UK and Ireland.
“Our near-to-mid-term objectives are rapid revenue growth and staff expansion, not only in Ireland but also in the UK, where we see enormous untapped opportunity for the unique services that HR Duo offers”
Puma was joined in this round by the original seed investors – including Alan Merriman of Elkstone and Joe Hogan of Openet – underscoring the commitment of the founding investors in the future of the business.
HR Duo, provides HR solutions to SMEs by integrating industry knowledge with the latest technology to deliver the estimated 80% of HR requirements that can be automated.
HR solution for SMEs
This easy to use, low cost, and up-to-date ‘always on’ availability make it ideal for its target market of SMEs with 50-1,000 employees, acting as a bolt-on support to HR personnel, or indeed as a HR back-up for companies without a dedicated HR department.
The company’s services are available online as a cloud-based Software as a Service (SaaS), with subscriptions starting from as little as £10 per employee per month, with no up-front costs.
“We are delighted to welcome Puma Private Equity on board, who will provide not only the necessary funding but also the expertise that will help drive our ambitious growth strategy,” said Jerome Forde, CEO of HR Duo.
“Our near-to-mid-term objectives are rapid revenue growth and staff expansion, not only in Ireland but also in the UK, where we see enormous untapped opportunity for the unique services that HR Duo offers. This is an exciting time for the company, and we look forward to a bright future revolutionising the HR needs of thousands of SMEs worldwide.”
With this fresh injection of funding, HR Duo plans to considerably increase its headcount in the coming year, across its offices in Ireland, the UK, and Romania. New roles will be primarily in its sales and knowledge teams, with a concurrent expansion of its software development team.
Within only two years of operation, HR Duo has already established itself as a leader in the ‘HR Tech’ space, with compound revenue growth averaging 53% per annum a strong validation of the appetite for its software and services. Its customers are diverse, ranging from retail to medical devices, hospitality, tech start-ups, and more, with employees numbering from dozens to hundreds of people. This funding round will provide the much-needed resources to reach the next stage of its strategy, with further future funding rounds expected as the company grows internationally.
“We see in HR Duo a company that is not only innovative and driven, but has immense capacity for scale,” said Jonathan Wyles, investment director at Puma Private Equity.
“The UK’s HR Tech market is very large and presents a significant opportunity for customer and revenue growth in this market, with similar possibilities identified in other countries. It is clear that there is enormous potential in this company and we are delighted to be a part of its journey.”
Main image at top: Jerome Forde, CEO of HR Duo