HR Duo, a provider of workforce management solutions, has raised €1.7 million in venture debt funding to expand further into the UK.
Headquartered in Dunshaughlin, Ireland, it says the latest injection of funding from Salica Investments underscores its strong growth trajectory and now plans to make strategic hires in senior management.
The firm, which has a base in Birmingham, has now raised €6.8m total funding and plans to complete a Series B investment round in 2025. It is also backed by UK VC Puma.
HR Duo’s entry into the UK market in July 2023 signified the beginning of a broader international expansion strategy, with future plans including the establishment of operations in the US and Australia.
“The move into the UK market marked a significant milestone for HR Duo,” said Jerome Forde, CEO.
“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.”
With this funding, HR Duo aims to achieve ambitious growth milestones, including a doubling of its annual recurring revenue to €5m within 15 months.
Since 2018, the company has experienced exponential revenue growth, averaging 42% per annum over the last three years. Its customer base spans industries such as construction, manufacturing, retail, medical devices, hospitality and tech startups, 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.”
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