Introduction
2024’s Q2 started on an optimistic note for the HrTech industry. The sector saw a remarkable growth. And May’s fundraising is noir-sur-blanc proof of this momentum.
In May alone, 16 startups secured $236.7 million in funding. 11 investors led these funding rounds, providing a financial boost to these startups.
May’s funding round demonstrates ongoing strong interest in the HrTech sector. Particularly in workforce management and employee engagement solutions.
So, who are these 16 startups transforming the HrTech landscape? Let’s discover May's fundraising in detail.
Mach Recruitment provides on-site and branch recruitment services. Offering flexible and permanent labour, quickly and efficiently.
- Funding Amount: $56.5M
- Funding round: Series B
- Lead Investors: Metro Bank
Legion Technologies offers an intelligent workforce management platform designed to enhance labor efficiency and employee engagement.
- Funding Amount: $50M
- Funding round: Series Unknown
- Lead Investors: Riverwood Capital
Sona is a workforce management solution for frontline teams, offering a platform with tools for employee scheduling, time and attendance tracking, shift management, and payroll processing.
- Funding Amount: $27.5M
- Funding round: Series A
- Lead Investors: Gradient Ventures
Sesame HR is a comprehensive management platform providing a comprehensive all-in-one solution for HR and finance management.
- Funding Amount: $24.7M (€23)
- Funding round: Series B
- Lead Investors: PSG and GP Bullhound
Veda is a payroll-as-a-service provider offering payroll, recruitment, personnel development, and learning management services on a unified platform.
- Funding Amount: $18.5M (€17)
- Funding round: Unknown
- Lead Investors: CIBC Innovation Banking
Tilt is a work leave management platform, helping companies streamline leave processes, keeping employees and managers engaged and informed during significant life events.
- Funding Amount: $15M
- Funding round: Unknown
- Lead Investors: —
ChangeEngine is an employee communication and delivery software, that integrates marketing and HR functions to deploy employee programs efficiently without separate logins.
- Funding Amount: $10M
- Funding round: Series A
- Lead Investors:
Magneto is a SaaS company that provides software solutions for talent acquisition, aiming to enhance and streamline the hiring process for companies, leveraging advanced technology to improve recruitment efficiency and outcomes.
- Funding Amount: $7M
- Funding round: Seed
- Lead Investors: Threshold Ventures
ZestMeUp is a SaaS platform that provides tools for employee engagement surveys, performance management, and leadership alignment, using predictive analytics and AI to enhance team performance and drive business success.
- Funding Amount: $6.5M (€6M)
- Funding round: Series A
- Lead Investors: Reflexion Capital
Worky is an HR and payroll software solution tailored for Mexican companies, designed to modernize employee management processes. It offers cloud-native payroll solutions and shift management modules, helping businesses enhance compliance, efficiency, and workforce stability.
- Funding Amount: $6M
- Funding round: Series A
- Lead Investors: ADP Ventures
Clasp is an embeddable benefits platform that provides infrastructure as a service for HR, payroll, and digital brokerage platforms, enabling them to launch and manage employee benefits products seamlessly.
- Funding Amount: $5M
- Funding round: Seed
- Lead Investors: —
Apriora is an AI interviewer, who conducts live interviews to generate more accurate hiring insights, giving recruiting teams an expert interviewer on-demand.
- Funding Amount: $2.8M
- Funding round: Seed
- Lead Investors: 1984 Ventures
Anthropos helps map employees’ skills and acquire new ones to close the gaps their employers are concerned about.
- Funding Amount: $2.7M
- Funding round: Pre-Seed
- Lead Investors: Founderful
FrontRace is a productivity-tracking platform for employees, offering view reports, leaderboards, and compare performance, which is enabling team productivity’s visibility.
- Funding Amount: $2M
- Funding round: Seed
- Lead Investors: —
Zoios is a people analytics solution tailored to provide data about employees’ well-being and performance.
- Funding Amount: $1.49M
- Funding round: Seed
- Lead Investors: —
Gapai offers job placement services abroad by matching potential workers with qualified businesses. The services include interviewing screening and offering upskilling options to create a network of skilled Indonesian workers.
- Funding Amount: $1M
- Funding round: Seed
- Lead Investors: Wavemaker Partners
Here’s a list of some lead investors in the HrTech sector 👇
- Metro Bank: A UK-based retail and commercial bank that provides banking services to individuals, businesses, and commercial clients, known for its customer-focused approach and innovative banking solutions.
- Riverwood Capital: A private equity firm that invests in high-growth technology and tech-enabled services startups.
- Gradient Ventures: A new firm within Google, that invests in early-stage AI start-ups.
- PSG and GP Bullhound: PSG (Providence Strategic Growth) is a growth equity firm that partners with middle-market software and technology-enabled service startups. GP Bullhound is a technology advisory and investment firm focusing on high-growth tech startups globally.
- CIBC Innovation Banking: A division of the Canadian Imperial Bank of Commerce (CIBC) that provides strategic advice and customized financing solutions to support high-growth startups in tech.
- Threshold Ventures: A venture capital firm that invests in early-stage technology startups.
- Alive Ventures: A Colombia-based impact investment firm that invests in early-stage startups.
- Reflexion Capital: An investment firm that provides capital and strategic support to early-stage startups.
- ADP Ventures: The venture capital arm of ADP (Automatic Data Processing), investing in early-stage and growth-stage startups that are developing innovative solutions in the HR and workforce management space.
- 1984 Ventures: An early-stage venture capital firm that invests in technology startups with the potential to disrupt existing markets and create new ones, focusing on seed and pre-seed investments.
- Founderful: A venture capital firm that backs visionary entrepreneurs and early-stage startups, providing both capital and strategic guidance to help founders build and scale their businesses.
- Wavemaker Partners: A global venture capital firm that invests in early-stage technology startups across various sectors, with a focus on Southeast Asia and Southern California, supporting startups with capital, mentorship, and strategic resources.
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