Dunshaughlin's HR Duo Secures €1.7M in Venture Debt Funding from Salica Investments

HR Duo, a leading provider in workforce management solutions, today announced the successful completion of a €1.7M venture debt funding round. This funding was provided by international investment firm Salica Investments.
The infusion of capital will bolster HR Duo's financial health, providing the Irish HR Tech start-up headquartered in Dunshaughlin, Co. Meath with the resources to accelerate its growth and development in the UK market.
The latest injection of funding from Salica Investments underscores HR Duo's strong growth trajectory, and brings the total raised since HR Duo's inception to €6.8 million, which included a successful €4.5m Series A round in January 2023. The company is planning to complete a Series B investment round in 2025.
The new funding will be pivotal in supporting HR Duo's expansion initiatives, particularly in scaling its unique workforce management capabilities and enhancing its market position in the UK. The company will focus on enhancing its product offerings, developing AI-driven features, and bolstering its sales and marketing efforts. Additionally, HR Duo plans to make strategic hires in senior management to drive its growth strategy forward
Building on its successful entry into the UK market in July 2023, HR Duo has rapidly established itself as a preferred provider of High Value Workforce Management HR solutions for SMEs across various sectors. The company's innovative approach, leveraging workforce management, AI and automation to address HR inefficiencies, has resonated strongly with UK businesses seeking 21st Century Workforce Management solutions.
The entry into the UK also signifies the beginning of a broader international expansion strategy for HR Duo with future plans including the establishment of operations in the US and Australia.
"The move into the UK market marked a significant milestone for HR Duo," said Jerome Forde, CEO of HR Duo. "Already a leader in Ireland across industries such as retail, construction, manufacturing, medical devices, hospitality, and tech startups, our expansion into the UK reinforced our commitment to providing cutting-edge HR technology solutions internationally."
With this funding, HR Duo aims to achieve ambitious growth milestones. These include doubling its Annual Recurring Revenue (ARR) to €5 million within 15 months, further penetrating the UK market, and solidifying its position as a leader in Workforce Management HR technology for SMEs. The company also aims to expand its Monthly Recurring Revenue (MRR) and strengthen operational capabilities through continued investment in research and development.
HR Duo provides Workforce Management HR solutions to SMEs by integrating industry knowledge with the latest technology to automate an estimated 80% of HR requirements. Since 2018, the company has experienced exponential revenue growth averaging 42% per annum over the last 3 years. Its diverse customer base spans industries such as construction, manufacturing, retail, medical devices, hospitality, and tech startups, catering to companies ranging from dozens to hundreds of employees.
Stephen Fahy, Partner in the Venture Debt Fund at Salica Investments, said: "HR Duo has distinguished itself with its innovative approach to automating HR processes, catering specifically to the needs of SMEs across various industries.
The company's track record of exponential revenue growth and its leadership position in the HR Tech space make it an attractive investment opportunity for Salica Investments, and we look forward to welcoming them to our portfolio and supporting their exciting growth plans."
The company's services are available online as a cloud-based Software as a Service (SaaS), with subscriptions starting from as little as €10 per employee per month, with no up-front costs. This ease of use, low cost, and up to date 'always on' availability make it ideal for its target market of SMEs with 50-3,000 employees, acting as a bolt-on support to HR personnel, or ...