Venture capital money is pouring into the HRtech space!
According to Verified Market Research, the Market size of Human Resource (HR) Technology was valued at $23.32 Billion in 2021 and is projected to reach $38.36 Billion by 2030, with a CAGR of 5.7% from 2022 to 2030.
HRtech services are in high demand due to the increasing working population and complex management practices. Now, more and more companies in HRtech are worth more than $1 billion. Here are 3 companies that became unicorns in 2022.
- Envoy, an all-in-one workplace platform that turns workplaces into a collaborative hub where all teams thrive, has managed more than 30,000 cases and served more than 2,000 customers in different industries. Envoy raised $111 Million in Series C funding in January 2022, bringing its valuation to $1.4 billion.
- PayFit, located in France, offers technology that simplifies and automates payroll and HR processes for small and medium-sized businesses. There are currently 6,000 companies using PayFit, with 80% based in France and others in Spain, Germany, and the U.K. Around 150,000 people currently get paid through PayFit. PayFit raised $289 Million in January 2022, reaching a post-money valuation of $2.1 Billion.
- Boston-based Globalization Partners (GP) allows international companies to hire in more than 150 countries without setting up branch offices or subsidiaries. The company takes care of the burden of global corporate tax, legal, and HR matters. In January 2022, Vista Equity Partners invested $200 million in GP, bringing its valuation to $4.2 billion.
Has your company adopted any HRTech tools?