HR Duo, a Dunshaughlin-based human resources technology company, has raised €4.5 million (USD $4.8 million) as a part of its Series A round led by UK-based Puma Private Equity. The round was also joined by existing investors, including Alan Merriman of Elkstone and Joe Hogan of Openet. The startup plans to utilize the fresh funding to “considerably” grow its headcount in the coming year, across offices in Ireland, the UK and Romania.
Founded two years ago, HR Duo integrates industry knowledge with technology to automate HR requirements and offer a low-cost option to small and medium sized businesses. The platform is designed to be always on and up-to-date, to ensure companies are HR compliant. The company is ideal for its target market of SMEs with 50 to 1,000 employees, acting as a support for HR staff or as an alternative for companies without a dedicated HR department.
Commenting on the new fundraising, Chief Executive Officer of HR Duo, Jerome Forde, said:
Puma would provide not only the necessary funding but also the expertise to help drive its growth. 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. 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.
The firm claims to have experienced an average compound revenue growth of 53pc per year within a two-year operating period. The company added that it has gathered a diverse range of customers, including retail, hospitality and medical device companies.
Investment Director of Puma Private Equity, Jonathan Wyles, added:
We see in HR Duo a company that is not only innovative and driven, but has immense capacity for scale. 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.
In 2020, the HRTech platform shared plans to add 50 new members to its team over a three-year period, in order to meet a high level of growth internationally. According to the company, the new roles it plans to add in the coming year will be primarily in its sales and knowledge teams, along with an expansion of its software development team. HR Duo plans to launch more funding rounds in the future as it grows internationally.