It’s an exciting time for Factorial – we recently announced an $80m Series B Round funding, leading to our strongest growth ever. At Factorial, we have always believed in growing our team, impact, and products. We’re proud of what we’ve achieved and are using this momentum to drive our vision further.
In this article, we’ll cover why we’re growing faster than ever, from our product and technology excellence to our amazing team and customer base.
Overview of Factorial
Factorial is an industry-leading and rapidly growing HR software company that helps growing businesses work smarter and more efficiently. Our products help business leaders and small teams manage the people’s side of their operations, track important data, and equip their teams with the information they need to do great work.
We aim to help business owners ensure their people are engaged and set up for success, helping them attain their organisational goals more effectively. We recognize that no two companies are alike, so we offer customizable solutions tailored to each of our customers’ unique needs. We also provide full support to ensure everyone has a great experience using our products.
We have attracted some of the best talent in the industry—from former Google engineers to ex-partners from top-tier VCs, as well as skilled strategists from world renowned consultancies like McKinsey & Co, Bain & Company and BCG—all dedicated to helping our customers succeed faster than ever before. As a result, we’ve grown exponentially over the past few years, enabling us to rapidly scale up our innovative HR solutions for his or her growing businesses worldwide.
Our Growth Story
At Factorial, we’ve worked hard for the past few years to expand our team and grow our business.
Today, we proudly announce that we have just closed an $80m Series B round of funding. With this additional financial support, we can now accelerate our plans for international expansion and explore new opportunities.
We are incredibly excited to share our growth story with you.
Overview of our Series B funding
Our Series B funding round was announced in February 2020, when our company secured an additional $30 million from an impressive list of early stage investors. This fundraising success was a major milestone for us and a crucial part of our long-term growth plan. Our Series B funding sets us up for the next phase of our business operations, enabling us to focus on scaling rapidly and furthering our mission to serve the world’s most underserved communities.
The investment has had a hugely positive effect on our growth. Our team has expanded significantly and launched numerous projects in developing markets since then. This includes launching five new custom ecommerce services tailored to emerging markets and facilitating trade agreements with global partners. We’re thrilled by the progress we’ve made thanks to this infusion of capital and are excited about how far we can still go with increased support from strategic and financial partners.
Our focus on customer success
Since our founding, we have been focused on providing exceptional customer service. This has been particularly important as we’ve grown, since our company is only as successful as our customers are. Therefore, we strive to ensure our products and services meet and exceed their expectations.
At the start of every product launch, for example, we establish clear goals for success with the customer in mind. This involves collecting detailed feedback from users over several months to ensure we deliver value and provide solutions that solve their problems. We also strive to create positive experiences with interactions between our team members and customers.
We recognize that customer success goes beyond technical excellence; it also involves a commitment to understanding user experiences and pain points so that we can better serve their needs. Our team is passionate about listening to feedback and pursuing ideas that will push us forward in providing value-added solutions to our customers. We also recognize that customer success means incorporating feedback into updates, bug fixes, new features, and tweaks to existing features to improve experiences over time.
Overall, we aim to bring this focus on customer success into all aspects of our growth strategy. As such, we continue adjusting business strategies based on trends identified through engagement metrics and user feedback. With this approach, we remain laser-focused on creating a positive experience for all customers no matter how large or small the company might be!
Our commitment to innovation
Our commitment to innovation has been key in driving our growth. In recent years, we have invested in technologies and new talent to ensure our products remain ahead of the curve. In addition, we research emerging trends and customer demands, quickly implementing changes to stay ahead of the competition.
We have a dedicated R&D team focused on staying up-to-date with industry trends and providing solutions for customer needs. Our team takes a collaborative approach in designing innovative solutions that are tailored specifically to our customers’ pain points. We strive to develop ground-breaking solutions while staying within budget constraints and set timelines.
We continuously invest in new digital products such as AI, analytics, machine learning, blockchain and digital gambling platforms. This allows us to better serve customers across different industries such as gaming, sports betting and entertainment. In addition, we are constantly adding value with enhanced UX initiatives such as developing improved gamification components, better video streaming capabilities and design software additions that increase engagement levels among our users.
At the same time, we remain committed towards sustainability practices by incorporating green initiatives within our operations process and ensuring social responsibility among our employees via corporate social responsibility programs. All these efforts have enabled us to continue upward growth even during challenging economic conditions globally.
Key Drivers of our Growth
Factorial is an all-in-one HR platform that helps companies with everything related to their HR processes. Our mission is to make it easier for companies to manage and develop employee relationships, leading to a better work culture.
We recently closed an $80m Series B round of funding to accelerate our growth. This section will detail the key drivers that have allowed us to grow faster than ever.
Our culture of learning and experimentation
Our company strives to build an innovative and adaptive culture centred around learning and experimentation. We believe success only comes from pushing boundaries and challenging conventional ideas, so we constantly look for new and creative approaches to our work.
Through top-down guidance from leadership, regular cross-team collaboration opportunities, and a supportive environment for learning and experimentation from all levels of the organisation, we have created a culture where each individual can fuel personal growth.
This atmosphere of exploration has enabled us to identify and capitalise on new opportunities for growth before competitors take notice. In addition, we never hesitate to reach out across teams or industry lines in search of different ideas or insights, which is essential to accurately understanding any situation.
This culture also means that it’s OK to make mistakes; taking risks is encouraged as long as progress is made through each trial-and-error cycle. By proactively innovating with the best interests of the company in mind, we have been able to expand our product offerings quickly while staying ahead of trends in the market space.
Our focus on customer-centric product design
Our commitment to customer-centric product design has been one of the major drivers of our growth over the past few years. We are constantly fine-tuning our processes and building innovative solutions that align with customer needs and preferences.
We start each project by gathering customer feedback, which we use to identify the most important features to prioritise development and areas in which we can improve. Then, to ensure that all of our products are useful and easy to use, we focus on iterative development, allowing us to quickly identify and fix any issues as they arise so customers are always getting the best experience possible.
In addition to focusing on product design, we also prioritise user feedback to continue delivering a product that meets customer expectations. We solicit user feedbacks through surveys, emails and social media platforms to systematically collect customer data which we analyse holistically. This comprehensive approach helps us ensure our products are constantly evolving and remain relevant in an ever-changing market.
By proactively listening to what customers say about their experiences with our products and making their feedback part of our development process, we have set ourselves apart from traditional competitors by delivering superior digital solutions with a human-centric approach that puts users first.
Our commitment to data-driven decision-making
Data-driven decision-making has been a key driver of our growth over the years. We measure and guard our data to better inform decisions at all levels of the organisation. By leveraging data insights, we have gained insight into customer preferences, optimise processes, and leverage better technology solutions.
We track customer interactions so that we can more easily identify their needs and preferences to tailor our experiences. To ensure accurate data collection and management, we have embraced cloud technologies and adopted various software platforms to streamline our collections process. We also use machine learning and AI technologies to interpret the data for deeper analysis. This helps us gain a more comprehensive understanding of customer behaviour and behaviour patterns which helps us target promotions or suggest products that align with each individual’s preferences.
Additionally, we always seek opportunities to automate processes within our organisation using advanced analytics techniques such as predictive analytics or A/B testing tools. These automation tools enable us to be more efficient in allocating resources to forecasting future demand for specific products or services. In addition, big data technologies help us identify trends before they become mainstream to stay ahead of the curve on meeting customer demands.
Our commitment to being an agile organisation that leverages various data points has allowed us to stay ahead of our competitors while continuing to exceed customer expectations with personalised offerings tailored specifically for them.
Factorial is growing faster than ever– We just raised an $80m Series B
At Factorial, we are excited to announce that we just closed our Series B funding of $80 million, allowing us to expand our reach and capabilities even further.
We have big plans for the future, and with our new funding, we are excited to push our growth and success even further. We’d like to take this time to share with you our expansion plans and how our new funding will help us capitalise on the opportunities.
Our plans for international expansion
As our business continues to grow and expand, we are exploring many new opportunities for expanding our products and services in international markets. In addition, we are taking steps towards global success by broadening our customer base and creating partnerships with foreign businesses.
We understand that this process will take time, but we view it as essential to delivering our valued products to new customers. Therefore, we are actively researching potential markets, conducting market research and networking with industry contacts to evaluate the best action for entering each market.
Our plans for international expansion also include building relationships with local partners who can assist us with the regulatory process, and ensure that all products meet local standards. We also examine e-commerce options to provide a convenient solution for customers in different countries who wish to purchase our products online. Additionally, we plan to use digital marketing tools such as social media marketing and search engine optimization (SEO) to increase visibility and reach new potential customers quickly.
Our ambitious plans for international expansion will help us continue on the path of growth that has made us a leader in the industry. We understand how important it is to move quickly in entering new markets without compromising on quality or service.
Our plans for scaling our customer success team
We have focused on scaling our customer success team to ensure successful customer onboarding and retention. In addition, we strive to create an unforgettable experience for every customer. This strategy ensures that everyone who uses our product or service is satisfied with the outcome.
We are committing to a bigger and better response to customer issues by expanding our Customer Success team. We are hiring more success professionals dedicated to providing quick turnaround times, expert advice, and knowledgeable guidance in issue resolution. As a result of this expansion, we can guarantee that every customer’s journey with us will be as positive as possible.
Our team is actively working on tailoring success solutions for different types of customers. In addition, we are investing in various strategies such as personalised onboarding plans and comprehensive after-care services that help collaborate with customers even after they have started using our services. By doing so, we hope to ensure a smooth transition into using our services while giving customers the support they need when necessary.
We believe that making these plans for scaling our customer success team allows us to extend high-quality service and satisfaction for all current and potential customers alike. In addition, this commitment is designed to strengthen engagement between us and our users – ultimately allowing everyone involved in the process an improved experience when working with us.
Our plans for investing in new technologies
To support our aggressive expansion plans, we invest in cutting-edge technology to ensure our ability to drive scale and efficiency. This includes investments in cloud-based technology, AI and machine learning, advanced analytics with data driven insights, financial systems automation and other innovative solutions.
We recognize that market success is driven by technology and depends on how effectively it is implemented. As such, we are committed to developing best practices around product design, execution of go-to-market strategies, service delivery lifecycle management and customer experience through feedback loops.
Our goal is to understand customer needs at a much deeper level and be able to utilise data science and AI capabilities for predictive modelling as we seek out new methods of growth in existing markets as well as executing on initiatives for entry into new ones. The combination of advanced technologies and continued research on market trends have put us in a strong position for sustainable – profitable expansion over the long term.
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