Rankmi, an HRTech startup that allows companies to automate human resource management processes, recently announced that it has closed a Series A funding round led by SoftBank Latin America Fund and its merger with its Mexican peer Osmos.
Both transactions amounted to US$48 million, according to the Chilean company. Meanwhile, this is the company’s first round of institutional capital.
Rankmi, founded in 2015, is a comprehensive human resource management platform that automates all stages of the life cycle of employees in companies. The platform’s functionality includes payroll, digital signature, recruitment, training, performance, engagement, benefits, and an internal social network.
The startup has operations in Brazil, Peru, Colombia, and Mexico, and serves about 1.4 million users and 1,500 clients in the region. Rankmi said its platform is used by well-known brands such as Falabella, El Palacio de Hierro, Itaú, Collahuasi, Krispy Kreme, Hooters, 7-Eleven, Komatsu, and Santander.
According to a news release, the merger with Osmos is intended to accelerate Rankmi’s growth, especially in Mexico, and the development of its product. It said the two firms will operate under the new entity, Rankmi Company, with the brand continuing to be Rankmi, and the Osmos brand being used for a while, as it has greater brand recognition in Mexico and targets the SMEs segment.
Rankmi’s Co-founder and CEO, Enrique Besa, said the company’s next step is to continue revolutionizing people management in LatAm and his team is convinced that building more humane and fairer companies is possible and that technology has a lot to contribute there.