HR Duo, a provider of workforce management solutions, has recently secured €1.7 million in venture debt funding. This funding is intended to support the company’s expansion into the UK market and make strategic hires in senior management positions. The latest injection of funding, made by Salica Investments, marks the company’s strong growth trajectory. HR Duo has already raised a total of €6.8 million and plans to complete a Series B investment round in 2025 with backing from UK VC Puma.
HR Duo has set out to adopt an ambitious international expansion strategy that involves entering into the US and Australian markets. The company’s CEO, Jerome Forde, has expressed his excitement about this venture and its potential impact on the HR technology solutions sector.
In the coming months, HR Duo aims to achieve ambitious growth milestones, including a doubling of its annual recurring revenue to €5 million within 15 months. The company has experienced exponential revenue growth since 2018, averaging 42% per annum over the last three years. Its customer base spans industries such as construction, manufacturing, retail, medical devices, hospitality, and tech startups, catering to companies ranging from dozens to hundreds of employees.
Stephen Fahy, partner in the venture debt fund at Salica Investments, expressed his confidence in the HR Duo investment, in light of the company’s innovative approach to automating HR processes. “The company’s track record of exponential revenue growth and its leadership position in the HR Tech space make it an attractive investment opportunity for Salica Investments,” he said.
Overall, HR Duo’s entry into the UK market and its plans for international expansion demonstrate its commitment to providing cutting-edge HR technology solutions globally.
