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Picture credit: Figures
Figures, a Paris-based wage benchmarking software, introduced on Wednesday that it has secured €6.8M within the Seed spherical of funding.
Seed-stage enterprise capitalists Level 9 led the spherical with participation from current buyers like Seedcamp, Bpifrance, Kima Ventures, and new individuals Acadian and Entrée. Figures’ earlier funding spherical was led by Seedcamp in 2021, elevating €1.7M.
The announcement comes a few months after buying its London-based rival Payspective in June 2021 to make a transfer into the UK market.
Fund utilisation
Figures will use the funds to speed up tech growth, plans to broaden its remit with companies together with price range forecasting and real-time market monitoring, and strengthen benchmarking companies, overlaying shares and advantages.
The French firm additionally plans to put money into growing instruments that can assist corporations outline and share their compensation coverage and put together and run their compensation opinions.
The capital will assist the French firm to broaden into new European markets, together with Spain, Portugal, the Netherlands, and the Nordics.
How was Figures born?
Virgile Raingeard (CEO), who spent his first eleven years working within the HR sector of assorted industries, obtained pissed off with the dearth of qualitative and dependable knowledge on the compensation market within the startup/scale-up ecosystem.
Then he determined to handle the issue with Bastien Formery (CTO) to create a product round his imaginative and prescient.
Thus Figures was born.
Figures CEO, Virgile Raingeard, says, “I created Figures in October 2020 to offer firm leaders with dependable compensation knowledge and an overarching product that I might have liked to have throughout my 11 years of profession in HR.
Figures: What it is advisable to know
Based in 2020, Figures goals to enhance how corporations handle compensation for his or her employees. The platform permits corporations to benchmark market salaries on over 100 roles throughout Europe whereas managing compensation coverage.
Figures says additionally it is serving to spotlight gender pay points and permitting companies to handle their remuneration price range higher.
The model is already properly established in lots of different nations, together with France and Germany, serving to them to create probably the most correct wage benchmarking system at present in operation.
The corporate’s software will be simply built-in with main HRIS software program like Personio, BambooHR, and HiBob, permitting companies to take a proactive strategy towards expertise acquisition and retention.
Figures’ resolution is utilized by round 700 European startups/scale-ups to assist employers benchmark compensation for particular roles at totally different firm sizes and phases.
Raingeard provides, “We’re serving to over 700 corporations make honest and environment friendly compensation selections, up from lower than 200 to start out the 12 months. Our development has been surprising and distinctive, partly as a result of our acquisition of Payspective again in Could 2022.”
Figures’ enlargement within the Netherlands
To be taught extra concerning the Netherlands’ enlargement and methods, we reached out to Hakon Junge, GTM and country lead for the Dutch market.
Speaking solely to Silicon Canals, Junge says, “With the funding, we plan to start out constructing a small however rising devoted crew for the Dutch market as we proceed our enlargement plans throughout Europe. We’ve already began hiring regionally in Amsterdam.”
On the time of writing this text, Figures is hiring for an “Account Government” to help the rising demand. You may click on here to use.
Junge, on the significance of the Dutch market, explains, “The present Dutch market was a transparent space for enlargement for us because the tech ecosystem has been flourishing but additionally entry to compensation knowledge to help hiring has been a giant battle for native startups to get pay proper particularly within the present market native and with inflation.”
The corporate claims to have over 50 prospects within the Netherlands since its launch two months in the past. The French SaaS firm works with startups like Mollie, Biller, Orderchamp, and Trengo and native startup ecosystem companions like Techleap.nl.
He continues, “I actually lead our Dutch efforts and GTM enlargement plan, and really early on, the response from the Dutch market has been overwhelmingly constructive, so we’re doubling down our efforts.”
Based on Junge, Figures is including roughly 10 Dutch startups/scale-up corporations to the Benchmark per week, providing them 12 months of entry FREE to Figures.
On September thirteenth, Figures is internet hosting its first flagship occasion in Amsterdam, “Closing the hole: Creating irresistible organizations with Honest Pay for all.”
You may take a look at extra particulars concerning the occasion here.
Investor
Level 9 is an early-stage enterprise capital agency targeted on B2B SaaS and on-line marketplaces. Since its inception in 2011, the agency has invested in additional than 140 startups in additional than 30 nations.
Louis Coppey, Accomplice at Level 9, feedback, “At Level 9, we’ve invested in a number of HR tech software program over the previous ten years resembling 15five in 2013, Factorial in 2018, or Pento in 2019. Regardless of the funding and the expertise market setting, we imagine compensation administration is a class in HRtech that’s ripe for disruption, and Figures has a headstart within the European market. We’ve been most impressed by Virgile and his crew’s deep experience within the matter and really a lot sit up for partnering with them as they disrupt the incumbents with a data-centric, software-first strategy.”
Catch our interview with Paul Down, Head of Gross sales at Intigriti.
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