HR Duo raises €4.5m to fuel international expansion plans

10 Jan 2023

HR Duo founder and CEO Jerome Forde. Image: HR Duo

The company plans to ‘considerably’ grow its headcount over the next year, across its offices in Ireland, the UK and Romania.

Meath-based HR tech company HR Duo has raised €4.5m to boost its expansion plans and develop new products.

The Series A funding round was led by Puma Private Equity, which was joined by original seed investors including Alan Merriman of Elkstone and Joe Hogan of Openet.

The company said it plans to use the fresh funding to “considerably” grow its headcount in the coming year, across offices in Ireland, the UK and Romania.

HR Duo said its platform can help companies automate roughly 80pc of their HR requirements. The platform is designed to be always on and up-to-date, to ensure companies are HR compliant.

The Meath-headquartered company said this platform 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.

In 2020, the company 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.

HR Duo said it has 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.

“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,” said HR Duo CEO Jerome Forde.

“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 company said 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. Puma Private Equity investment director Jonathan Wyles said there is “enormous potential” in HR Duo as a company that can innovate and scale up.

“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,” Wyles said.

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Leigh Mc Gowran is a journalist with Silicon Republic