HR Duo, a HR tech company headquartered in Dunshaughlin, Co Meath, has raised €4.5m in a Series A funding round.
The company said it will use the funds to accelerate product development, grow its workforce, and drive international expansion.
HR Duo said it provides HR solutions to SMEs by “integrating industry knowledge with the latest technology to deliver the estimated 80% of HR requirements that can be automated.”
The funding round was led by Puma Private Equity, a provider of growth capital to small and medium-sized businesses across the UK and Ireland – along with the original seed investors – including Alan Merriman of Elkstone and Joe Hogan of Openet.
“We are delighted to welcome Puma Private Equity on board, who will provide not only the necessary funding but also the expertise that will help drive our ambitious growth strategy,” said Jerome Forde, CEO of HR Duo.
“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,” he said in a statement.
Jonathan Wyles, Investment Director at Puma Private Equity said 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,” he said.
HR Duo said it will “considerably increase” its headcount in the coming year, across its offices in Ireland, the UK, and Romania.
It said new roles will be primarily in its sales and knowledge teams, with a concurrent expansion of its software development team.