HR Duo raises €4.5m in Series A round
HR Duo has raised €4.5 million in a Series A funding round to accelerate product development, grow its workforce, and drive international expansion.
Headquartered in Dunshaughlin, Co. Meath, the company 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. Its services are available online as a cloud-based Software as a Service (SaaS).
HR Duo said its technology frees up its clients to focus on the key 20% of HR which requires the application of judgement and expertise: namely, critical business decisions and people management. The current approach to HR for many firms relies on either under-resourced in-house HR functions, or impersonal software tools which often go unused and unmanaged. HR Duo provides clients with the opportunity to leverage modern technology to streamline its processes, founded in the Management team’s long-standing HR expertise
The €4.5 million 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. 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.
The firm 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.
The 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.
Jerome Forde, CEO of HR Duo, said: “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. 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.”
HR Duo has partnered with a UK-based PE firm to help realise its UK plans.
“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.”
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