HUMI RAISES $15 MILLION SERIES A TO FURTHER DEVELOP HR, PAYROLL SOFTWARE
Humi, a Toronto-based startup that develops human resources (HR), payroll, and benefits software for small and medium-sized businesses, has secured a $15 million CAD Series A funding round, bringing Humi’s total capital raised to $20 million.
“We are using the majority of the capital… to further develop the key components of what we believe make up a really innovative solution in this space.”
The round consisted of $12 million in equity and $3 million in debt. Tribe Capital led the round, while previous investors Struck Capital, Y Combinator, and several undisclosed angel investors also participated.
Humi officially closed the Series A funding this month; the round had been in the works before the onset of COVID-19. The new funding will be used by Humi to further develop its software and roll out new tools focused on onboarding, including tracking tasks.
“If you look at the Canadian landscape, most businesses that participate in this space have either plateaued in terms of their technology investment or have shifted their focus away from building Canada-specific HR, payroll, and benefits solutions,” Humi co-CEO Simon Bourgeois told BetaKit. “We are using the majority of the capital that’s been raised to further develop the key components of what we believe make up a really innovative solution in this space.”
Founded in 2016, Humi started as a cloud-based web app that stored employee data. It has since expanded to support employers in managing HR, benefits, and payroll. Its platform allows businesses to digitally onboard new hires, securely store employee documents, and manage payroll online.