HeavenHR, a provider of a free cloud-based HR management platform for small and medium sized enterprises has successfully closed its Series A financing round. Ten months after its inception at the company builder Warpspeed Ventures, the Berlin-based company raised more than €6 million from new and existing investors – making it one of the largest financing rounds within the HR software sector in Europe. Target Global and OpenOcean led the investment with participation from Piton Capital and Mutschler Ventures.
HeavenHR provides a secure platform that digitises and automates more than 80% of all HR administrative tasks. This not only helps companies save time and money, but also provides management and HR staff with more time to focus on recruiting, training and engaging employees. With a shortage in skilled labour, modern HR management solutions allow HR to perform a more strategic role within the company and make a greater impact on business performance. Setting up a HeavenHR account can be done online within minutes. The platform offers solutions for digital contracts, electronic personnel files, absence management and time tracking – which can be used for free free. In addition, HeavenHR offers services such as payroll, benefits, pension and insurance management.
The market potential for HeavenHR is quite huge. In Germany alone, 99% of companies are SMEs, providing 60% of all jobs. HeavenHR’s business is currently growing by an average of 40% per month. The fresh capital will be used for technical optimisation of the platform and to accelerate growth. In addition to Germany, HeavenHR is also active in France, Switzerland and Austria.
Richard Muirhead, General Partner at OpenOcean stated: “HeavenHR integrates what used to be rather poorly covered by Excel sheets or outdated software tools into a single product. Enabling SMBs to efficiently access dynamic labour markets is crucial for both them and for Europe. Among all the HR software companies we have seen, HeavenHR has the most convincing offering. The company’s growth in number of clients has already exceeded expectations.”
HeavenHR’s founder and Managing Director Johannes Roggendorf adds: “Our HR solution has already proved itself as successful for startups as well as medium sized companies. We are pleased to have found such experienced partners as our investors to support us immensely in the coming expansion.”