Happy to Be in U.S., PeopleDoc Raises $17.5M Led by Accel for HR Software
Summary
PeopleDoc Inc. is expanding its human resources software service worldwide and has raised a $17.5 million Series B round led by Accel Partners to do it. Although the cash is important--it will bankroll the startup’s expansion from 60 employees to nearly 200 by the end of the year and add new offices in the U.K., Germany and possibly Japan--PeopleDoc Chief Executive Jonathan Benhamou said the amount and valuation were not the primary drivers. The software service allows large enterprises to aggregate what is now a hodge-podge of payroll, policy and other systems into secure master files that authorized employers can access through the cloud. But the startup, which Mr. Benhamou had co-founded in 2007, had a challenge: It was headquartered in Paris “I told him you’ll never be a leader if you focus only on the French market,” Mr. Botteri said. Said Mr. Benhamou: “The sales cycle is much shorter here in the U.S.” Previous PeopleDoc investors, including Alven Capital and Kernel Investissements, also participated in the round.
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