The Catalan company, which raised an investment of 15 million euros in the midst of the Covid crisis, opens an office in Mexico, its first in Latin America, to consolidate its international expansion policy.
The human resources startup Factorial lands in Mexico with the opening of its new office, the first in Latin America after raising a €15 million Series A round in 2020, the largest round of the year in Spain, and the third in its history since it began its activities at the end of 2016. In this last year the technology company has continued to grow, expanding its workforce by 420% and reaching many more customers who, in the face of the crisis, have needed to digitize their businesses. “When the crisis began and forced telecommuting became a reality in companies, they needed to adapt in order not to disappear. We also adapted our product to respond to their new problems and guide them in the digitization process,” says Jordi Romero, CEO and co-founder of Factorial.
Factorial, which offers specialized services to solve the human resources management of SMEs and guide them in making business decisions, already has a commercial presence in France, the United States, Italy, Portugal, Brazil, the United Kingdom, Germany and other parts of Latin America. In the latter, especially in Mexico, the company has seen such an opportunity that it has decided to open a new branch. So much so that, despite facing challenges given the global situation we are experiencing internationally, it has not ceased to be the largest Hub for SMEs worldwide.
New office with 11 employees and plans to increase the number of employees to 30 by the end of the year.
The new employees began to arrive in April, forming a staff that currently has 11 employees, although Factorial expects to continue growing to more than 30 employees by the end of this year.
“Companies are born, close, merge or are acquired, but they are always looking to grow and reach new markets. But growth is not only going to depend on your product or your solutions. It will depend fundamentally on its people, on its collaborators. Companies with a strategic growth will be able to detect that human capital is the door to generate better income, improve efficiencies and above all minimize risks in an organization. Factorial can help in this way and make the materiality of all their human management strategies measurable, quantifiable and clear”, adds Rodrigo Manjarrez, Regional Sales Manager of the new Mexico office.
Challenges for SMEs in Mexico and Latin America
The entry into the Mexican market responds to a clear objective of the company, which is to solve the challenges faced by companies in Mexico and Latin America. The fact is that the dynamics of Mexican and Latin American companies’ desire to grow, survive and coexist in such a competitive world has generated gaps that have affected the possibility of better managing human capital, the company’s most important asset. “Our goal is to help break paradigms and drive more sales for our clients. We seek to reach and help more than 500 companies in 2021 to digitize, automate their processes and focus on employees, the most important thing for an organization,” added the technology company.
According to data from some consulting firms and collected by Factorial, 75% of companies in Mexico are SMEs. Therefore, from Factorial, they consider that a large number of them are going through a stage of digital transformation, evolution and growth. This growth can be orderly and strategic and should not be costly, but useful and efficient, and that is why they want to help and solve their clients’ problems.
With the opening of its new office in Mexico, Factorial demonstrates that one of its firm purposes is to contribute to the growth and expansion of Mexican SMEs and startups based on human value. According to INEGI’s economic census figures, there are 3.9 million micro, small and medium-sized establishments. Meanwhile, the number of Fintech startups has increased by 14% in the last year, to 441 ventures.
The growth of companies through their human value is made possible by automating human resources tasks and generating information about organizations to help them make better decisions. “While the pandemic has brought crisis and uncertainty, it has also accelerated digital transformation and shown that technology is not the end but the means to achieve goals. We see a great opportunity to help companies, especially SMEs, and we want to provide this help and offer support for a digital transformation from the most human side,” they assure.
Currently, the company that is revolutionizing Human Resources management by providing a complete tool that helps organizations with a 360º management of the area, is already starting to be operational in new sectors such as catering, industry and construction. Thanks to its expansion policy, which has allowed it to grow especially in Spain, France and now in Mexico, Factorial already has 60 thousand clients in more than 40 countries.
