Veda Secures €17M Funding for HR Software Expansion
May 21, 2024, 3:34 pm
Veda, a leading HR software and payroll-as-a-service provider based in Alsdorf, Germany, has recently announced a significant milestone in its growth journey. The company has successfully secured a €17M financing round led by CIBC Innovation Banking, a prominent financial institution known for supporting innovative tech companies.
This new infusion of capital will play a crucial role in Veda's strategic expansion plans. The company is focused on extending its market presence in the DACH region (Germany, Austria, and Switzerland) while also setting its sights on entering new international markets such as Benelux, the UK, and the Nordics. Additionally, Veda intends to further develop its buy-and-build strategy, with a specific emphasis on acquiring payroll software companies and payroll services to enhance its offerings.
Under the leadership of CEO Dr. Ralf Gräßler, Veda has established itself as a trusted partner for mid-market companies seeking comprehensive HR solutions. The company's HR tech platform encompasses a wide range of tools and services, including recruitment, onboarding, personnel management, talent development, learning & development, payroll processing, workforce scheduling, and time & security management. With a customer base of 1,200 companies and a dedicated team of around 170 employees, Veda has demonstrated steady growth and a commitment to delivering value to its clients.
In 2023, Veda achieved a turnover of approximately €20 million, reflecting its strong performance and market position. The funding from CIBC Innovation Banking comes at a pivotal moment for Veda, enabling the company to accelerate its growth trajectory and solidify its position as a key player in the HR software industry. The partnership with CIBC Innovation Banking signifies a vote of confidence in Veda's vision and potential for continued success.
CEO Dr. Ralf Gräßler expressed his enthusiasm for the opportunities that lie ahead, noting that the evolving landscape of HR practices in the wake of the pandemic has created new challenges and opportunities for companies like Veda. By offering a comprehensive HR platform and the option to outsource certain services, Veda aims to provide relief to HR departments grappling with remote work arrangements and talent shortages.
Sean Duffy, Managing Director at CIBC Innovation Banking, shared his excitement about supporting Veda in its next phase of growth. He emphasized the importance of backing innovative companies like Veda as they expand their market reach and explore new avenues for growth. The collaboration between Veda and CIBC Innovation Banking is poised to drive mutual success and foster innovation in the HR tech sector.
Overall, the €17M funding round represents a significant milestone for Veda and underscores the company's commitment to innovation, growth, and excellence in the HR software space. With a clear vision and strong financial backing, Veda is well-positioned to capitalize on emerging opportunities and continue its upward trajectory in the competitive market landscape.
This new infusion of capital will play a crucial role in Veda's strategic expansion plans. The company is focused on extending its market presence in the DACH region (Germany, Austria, and Switzerland) while also setting its sights on entering new international markets such as Benelux, the UK, and the Nordics. Additionally, Veda intends to further develop its buy-and-build strategy, with a specific emphasis on acquiring payroll software companies and payroll services to enhance its offerings.
Under the leadership of CEO Dr. Ralf Gräßler, Veda has established itself as a trusted partner for mid-market companies seeking comprehensive HR solutions. The company's HR tech platform encompasses a wide range of tools and services, including recruitment, onboarding, personnel management, talent development, learning & development, payroll processing, workforce scheduling, and time & security management. With a customer base of 1,200 companies and a dedicated team of around 170 employees, Veda has demonstrated steady growth and a commitment to delivering value to its clients.
In 2023, Veda achieved a turnover of approximately €20 million, reflecting its strong performance and market position. The funding from CIBC Innovation Banking comes at a pivotal moment for Veda, enabling the company to accelerate its growth trajectory and solidify its position as a key player in the HR software industry. The partnership with CIBC Innovation Banking signifies a vote of confidence in Veda's vision and potential for continued success.
CEO Dr. Ralf Gräßler expressed his enthusiasm for the opportunities that lie ahead, noting that the evolving landscape of HR practices in the wake of the pandemic has created new challenges and opportunities for companies like Veda. By offering a comprehensive HR platform and the option to outsource certain services, Veda aims to provide relief to HR departments grappling with remote work arrangements and talent shortages.
Sean Duffy, Managing Director at CIBC Innovation Banking, shared his excitement about supporting Veda in its next phase of growth. He emphasized the importance of backing innovative companies like Veda as they expand their market reach and explore new avenues for growth. The collaboration between Veda and CIBC Innovation Banking is poised to drive mutual success and foster innovation in the HR tech sector.
Overall, the €17M funding round represents a significant milestone for Veda and underscores the company's commitment to innovation, growth, and excellence in the HR software space. With a clear vision and strong financial backing, Veda is well-positioned to capitalize on emerging opportunities and continue its upward trajectory in the competitive market landscape.