HR Duo secures €1.7m from Salica to grow in UK market

3 Jul 2024

CEO and founder Jerome Forde. Image: HR Duo

The Meath-based company founded by Jerome Forde is aiming to raise a Series B round next year.

Irish workforce management start-up HR Duo has secured €1.7m in a venture debt funding round led by Salica Investments (formerly Hambro Perks).

Headquartered in Dunshaughlin, Co Meath, HR Duo is a fast-growing start-up that develops workforce management technologies for SMEs to automate HR requirements. Industries served range from construction, manufacturing and retail to medical devices and hospitality.

Founded by CEO Jerome Forde in 2013, HR Duo says it has seen an average annual revenue growth of 42pc over the past three years.

Now, the latest investment from Salica will accelerate HR Duo’s growth and development in the UK market, which it first entered a year ago.

“The move into the UK market marked a significant milestone for HR Duo. Already a leader in Ireland across industries … our expansion into the UK reinforced our commitment to providing cutting-edge HR technology solutions internationally,” said Forde.

“HR Duo is a scaling company and this investment supports our ability to develop our market presence in the UK, provides us with the runway to pursue our growth ambitions and achieve our strategic goals with financial stability.”

In 2020, the company revealed plans to add 50 new members to its team over a three-year period, in order to meet a high level of international growth. Last year, it opened an office in Romania after raising €4.5m in a Series A round a few months earlier.

HR Duo now plans to complete a Series B round in 2025 while it eyes the US and Australian markets.

Stephen Fahy, partner in the Venture Debt Fund at Salica Investments, said that HR Duo has “distinguished itself” with an innovative approach to automating HR processes, catering specifically to the needs of SMEs across various industries.

“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, and we look forward to welcoming them to our portfolio and supporting their exciting growth plans.”

Find out how emerging tech trends are transforming tomorrow with our new podcast, Future Human: The Series. Listen now on Spotify, on Apple or wherever you get your podcasts.

Vish Gain is a journalist with Silicon Republic