In February 2024, the HrTech sector experienced a surge of innovation and expansion, driven by significant fundraising efforts. Investors were drawn to the industry's potential for delivering concrete results through automation, data analytics, and tools designed to boost employee engagement.

During the month, fourteen ambitious HrTech startups successfully secured an impressive $467 million in funding, marking a pivotal moment for the industry. This substantial financial influx has enabled these startups to scale their operations and explore new areas of development.

The forward-thinking approach of these startups and the strong support from investors not only highlight the industry's vast potential but also propel HrTech towards a future filled with promise and abundant growth opportunities.

HrTech Fundraising of the month - February 2024
HrTech Fundraising - February 2024

Rain enables employees to access their earned wages instantly, improving retention, job applications and employee engagement. It also offers a free pay card, instant tip access, and financial wellness tools like credit score building and financial literacy resources.

  • Funding Amount: $ 300M
  • Funding round: Debt Financing
  • Lead Investors: Clear Haven Capital Management

Intenseye harnesses AI-driven real-time video analysis to empower Environment, Health, and Safety (EHS) leaders in enhancing workplace safety. This modernization initiative seeks to reduce workplace incidents, improve operational efficiency, and eliminate lost work time.

  • Funding Amount: $ 64M
  • Funding round: Series B
  • Lead Investors: Lightspeed Venture Partners

Scribe enables users to document and share work processes, automating the creation of step-by-step guides for tasks like onboarding new hires. By capturing and sharing knowledge workers' expertise, the Scribe platform promotes productivity and collaboration within organizations and communities.

  • Funding Amount: $ 25M
  • Funding round: Series B
  • Lead Investors: Redpoint, Redpoint Ventures China

BrightPlan is a financial wellness solution certified for fiduciary excellence, offering a holistic personal finance solution for all employees. It provides real-time, personalized guidance integrated with employer benefits.

  • Funding Amount: $ 22.5M
  • Funding round: Venture
  • Lead Investors: -

Upwards is dedicated to making care accessible to all families and empowering caregivers. By uniting families, care providers, employers, and governments, Upwards creates new avenues for care in real-time. The platform utilizes a data-driven approach to enhance the supply and capacity of the care system.

  • Funding Amount: $ 21M
  • Funding round: Series B
  • Lead Investors: Alpha Edison

BridgeCare provides a white-label childcare data and community management platform. The company offers various solutions, including a Licensing solution that enables state administrators to recruit and onboard new providers, as well as conduct regular inspections to maintain licensing status.

  • Funding Amount: $ 10M
  • Funding round: Series A
  • Lead Investors: Avenue Growth Partners

Naboo is an all-in-one, instant corporate offsite booking platform. Companies can effortlessly create unique offsite experiences by adding venues, catering, activities, and transportation, and booking them instantly through the platform.

  • Funding Amount: $ 8.1M
  • Funding round: Seed
  • Lead Investors: Isai

Hatch is a recruiting platform tailored to assist businesses in recruiting professionals across diverse fields and professions. It helps individuals and teams present their authentic selves, fostering genuine connections to ensure they find their ideal matches.

  • Funding Amount: $ 4.6M
  • Funding round: Seed
  • Lead Investors: -

Hellohive leverages the power of technology to establish more equitable pathways for early career talent. The solution offers a virtual recruiting platform that fosters engagement between companies and a community of students and recent graduates.

  • Funding Amount: $ 3.4M
  • Funding round: Series A
  • Lead Investors: Tisch Family

PeopleForce is an all-in-one Recruiting and HR solution designed to meet the needs of all companies. It offers a range of diverse products including Applicant Tracking Software, Staff Onboarding, Leave Tracking, and HR Reporting.

  • Funding Amount: $ 2M
  • Funding round: Seed
  • Lead Investors: Pracuj Ventures

Merit Medicine leverages advanced AI insights to help self-funded employers anticipate high-cost medical spend and specialty drug utilization, and chronic, complex, and rare diagnoses, ensuring optimal healthcare for every employee.

  • Funding Amount: $ 2M
  • Funding round: Seed
  • Lead Investors: LiveOak Venture Partners

MeVitae provides a comprehensive DE&I (Diversity, Equity, and Inclusion) ecosystem consisting of AI-powered HR tools. These tools are meticulously designed to detect and mitigate cognitive and algorithmic bias within hiring processes.

  • Funding Amount: $ 1.8M
  • Funding round: Seed
  • Lead Investors: Apex Black

Idenfit's cloud-based human resources and workforce management software offers a comprehensive approach to HR processes. It allows businesses to review and manage all HR processes in one centralized location.

  • Funding Amount: $ 1.5M
  • Funding round: Seed
  • Lead Investors: Pragma

interviewIA offers a SaaS interview collaboration platform designed to develop structured interview processes, enabling better-hiring decisions based on ability and alignment rather than bias and likability.

  • Funding Amount: $ 1.2M
  • Funding round: Venture
  • Lead Investors: -

Here’s a list of some lead investors in the HrTech sector 👇

  • Clear Haven Capital Management: manages portfolios and funds that cover a broad range of credit instruments including consumer, residential, and commercial debt, private equity, and specialty finance investments.
  • Lightspeed Venture Partners: a venture capital firm that engages in consumer, enterprise, technology, and cleantech markets.
  • Redpoint: partners with visionary founders to create new markets or redefine existing ones at the seed, early, and growth stages.
  • Alpha Edison: a venture capital firm that focuses on technology-driven innovation.
  • Avenue Growth Partners: a growth capital firm that seeks to invest in high-growth B2B software companies at the expansion stage.
  • Apex Black: serial founders backing fellow founders with capital, connections and expertise.
  • Pragma: an investment banking company that offers various financial advisory services.
  • Isai: a tech entrepreneurs' fund that focuses on early-stage internet startups and small to mid cap tech private equity deals.
  • LiveOak Venture Partners: a venture capital firm making early-stage investments in technology and technology-driven services.

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