Dunshaughlin-based HR Duo has raised €4.5 million in a Series A funding round that will help drive revenue growth and international expansion.
The round was led by UK-based Puma Private Equity, a move that the Irish company said support its UK growth in particular. Previous investors in the company’s seed round, including Alan Merriman of Elkstone and Joe Hogan of Openet, also participated.
The human resources technology company, which was founded two years ago, integrates industry knowledge with technology to automate HR requirements and offer a low-cost option to small and medium sized businesses.
Jerome Forde, chief executive of HR Duo, welcomed the new funding, saying Puma would provide not only the necessary funding but also the expertise to help drive its growth.
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“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,” he said. “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’s target market is organisations with up to 1000 employees, and can be used as either an addition to HR personnel, or for companies without a dedicated HR department. It customers include organisations in retail, medical devices, hospitality and tech.
“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.”
Among its ambitions are a significant increase in staff across its offices in Ireland, the UK, and Romania, primarily bulking out the sales and knowledge teams, with expansion of the software development team also planned.
