HR Duo secures €1.6M Series B led by Puma Growth Partners
Dunshaughlin-based HR Duo has closed a €1.6 million round led by existing investor Puma Growth Partners, with support from Enterprise Ireland.
The company's original seed backers reinvested for a third consecutive time.
HR Duo builds HR technology for SMEs with 100 to 1,000 employees that lack large dedicated HR teams.
HR Duo grew annual recurring revenue by almost 30% last year and is targeting over 41% growth this year.
With 75% of its pipeline in the UK and a growing base in Birmingham, the company plans to use the capital to expand its UK sales team and strengthen its SaaS infrastructure.
“This investment marks a confident new chapter for HR Duo,” said chief executive officer Jerome Forde. “The direction of travel is clear.”
The push into the UK puts HR Duo in a crowded HR software market, where competition for SME customers is fierce.
Hitting 41% growth while scaling a new sales team in a fresh market is no small feat.
With a serviceable addressable market of €500 to €700 million across the UK and Ireland, HR Duo is betting that early-stage focus on underserved SMEs can carve out room in a crowded field. The repeat backing from Puma Growth Partners, Enterprise Ireland, and its original seed investors signals sustained confidence in Irish SaaS startups pursuing cross-border growth.
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