HR Duo secures €1.7m in venture debt round
Workforce management solution provider HR Duo has completed a €1.7 million venture debt funding round provided by international investment firm Salica Investments.
Headquartered in Dunshaughlin, Co. Meath, the company has announced plans to accelerate its growth and development in the UK market.
The injection of funding from Salica Investments underscores HR Duo’s strong growth trajectory, and brings the total raised since HR Duo’s inception to €6.8 million, which included a successful €4.5 million Series A round in January 2023. The company is planning to complete a Series B investment round in 2025.
Building on its successful entry into the UK market in July 2023, HR Duo has established itself as a preferred provider of high value workforce management HR solutions for SMEs.
“The move into the UK market marked a significant milestone for HR Duo,” said Jerome Forde, CEO of HR Duo (pictured). “Already a leader in Ireland across industries such as retail, construction, manufacturing, medical devices, hospitality, and tech startups, our expansion into the UK reinforced our commitment to providing cutting-edge HR technology solutions internationally.”
HR Duo has experienced exponential revenue growth since its foundation in 2018, averaging 42% per annum over the last three years. Its customer base spans industries such as construction, manufacturing, retail, medical devices, hospitality, and tech start-ups, catering to companies ranging from dozens to hundreds of employees.
Stephen Fahy, partner in the Venture Debt Fund at Salica Investments, said: “HR Duo has distinguished itself with its innovative approach to automating HR processes, catering specifically to the needs of SMEs across various industries. The company’s track record of exponential revenue growth and its leadership position in the HR Tech space make it an attractive investment opportunity for Salica Investments, and we look forward to welcoming them to our portfolio and supporting their exciting growth plans.”
The company’s services are available online as a cloud-based software-as-a-service, with subscriptions starting from as little as €10 per employee per month, with no up-front costs. This ease of use, low cost, and up to date ‘always on’ availability make it ideal for its target market of SMEs with 50-3,000 employees, acting as a bolt-on support to HR personnel, or indeed as a HR back-up for companies without a dedicated HR department.
“HR Duo is a scaling company, and this investment supports our ability to develop our market presence in the UK, provides us with the runway to pursue our growth ambitions and achieve our strategic goals with financial stability,” said Forde.
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