German HR startup Flip has raised 22 million British pounds (about $30 million) in a Series A funding round to fuel its expansion in the United Kingdom, UK Tech reported Thursday (Feb 3).
The funding round was led by Berlin-based fund HV Capital and Notion Ventures, a London-based venture capital firm, according to the report. In addition, there was financing from existing investors Cavalry Ventures and LEA Partners, and a group of angel investors, including Matthias Müller, Roland Berger, Jürgen Hambrecht, Fritz Österle, Kurt Lauk, Daniel Krauss and Jochen Engert.
“We are delighted at the trust our investors have placed in us and are proud to have such prominent support,” said Flip CEO Benedikt Ilg in a statement, per the report.
Founded in 2018 by Ilg and Giacomo Kenner, Flip’s mission is to simplify the sharing of information and organize, manage and schedule workflows more efficiently for nearly 3 billion “deskless” workers, the report stated. The company combines communication tools such as personalized newsfeeds, chats, task management and more.
Flip said its revenues have increased “by a factor of six,” according to the report, and it has quadrupled its staff. The company’s platform is used by more than 200 customers.
The Stuttgart-based startup said it will use the latest investment to finance its international expansion, starting with a launch in the U.K., the report stated. In addition, the capital fund will be used to add to its 100 workers.
Payroll and human resource administration is increasingly complex as data and information is connected to each individual employee, including taxes, expenses, holidays, absences, collective agreements and parental leaves.
Read more: Simplifying HR and Payroll Complexities for Businesses in the Scandinavian Region
Monika Juul Henriksen, managing director of Visma Enterprise in Denmark, the corporate arm of Norwegian software company Visma, said this administrative burden and complexity has created a demand for seamless digital processes.
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