The Barcelona-based startup Factorial was founded in 2016 with the goal to become the global leader in workplace management. The young company, which we introduced to you earlier this year as one of 10 Spanish startups to watch in 2018 and beyond, is now closer than ever to achieve its goal after raising €2.8 million additional funding from Creandum, Point Nine Capital and K Fund. This financing round follows a €500K seed funding round that was closed more than a year ago from several Barcelona-based entrepreneurs.
Iñaki Arrola, general partner of K Fund, stated: “The ease with which they solve a problem as complex as employee management seemed just spectacular. Since we launched K Fund in July 2016, we have made a significant bet for SaaS companies, which account for more than half of our portfolio, and also for startups settled in Barcelona. Factorial fits like a glove with our investment strategy.”
Factorial was born at the successful company builder itnig as the initiative Jordi Romero, Bernat Farrero and Pau Ramón who decided to develop another way of carrying out administrative tasks and employee management. The goal to change the current work paradigm was one of the main drivers for creating Factorial. The cloud-based Factorial solution not only turns payroll and employee contracts into a child’s play that everyone can understand, but also automates their generation, connects it directly with public administrations and allows managers and labor experts to interact and draw conclusions in real time.
After a little more than a year since its establishment, Factorial has managed to make a difference in the daily life of more than 20,000 customers thanks to the free(mium) services of its software. Factorial also allows you to manage absences and vacation of employees, their benefits, and even more recently, the management and creation of contracts and payslips in just a few clicks.