Veda, an Alsdorf, Germany-based HR software and payroll-as-a-service provider, raised €17M in financing.
The round was led by CIBC Innovation Banking.
The company intends to use the funds to extend its market share in the DACH (Germany, Austria and Switzerland) region, and expand into other international markets such as Benelux, the UK and the Nordics, as well as to develop its buy-and-build strategy, prioritising payroll software companies and payroll services.
Led by CEO Dr. Ralf Gräßler, Veda provides a large portfolio of mid-market companies with an HR tech platform featuring tools for recruiting, onboarding, personnel management, talent management, learning & development, payroll, workforce scheduling and time & security. The company, which serves 1,200 customers, has around 170 employees.
In 2023, VEDA achieved a turnover of around 20 million euros.
FinSMEs
20/05/2024