Tiger Global has led a $80 million funding round for Everyday Software SL, better known as Factorial, a startup with a cloud-based human resources platform used by more than 76,000 companies worldwide.

Factorial announced the funding early this morning. Tiger Global was joined in the investment by Creandum, Point Nine Capital, K Fund and CRV, which led the startup’s previous $16 million round earlier this year.

Small and midsized businesses with up to 1,000 employees, which represent Factorial’s main target market, often use paper-based processes or a set of disparate spreadsheets to coordinate HR workflows. Factorial’s platform allows companies to digitize and centralize their HR activities in a cloud-based hub. The promised benefit is an increase in operational efficiency. 

Factorial says that one of the platform’s main advantages over competing HR applications is that it’s fairly easy to use. The platform is described as simpler to set up than certain competing offerings, which is important for small and midsize businesses that have limited in-house software expertise. Factorial also provides an extensive set of features covering many core HR tasks, which in theory further improves ease of use by reducing the need for firms to deploy additional applications alongside the startup’s platform.

To help with recruiting, Factorial provides a dashboard in which HR teams can create job listings and post them to popular career websites. There’s also a tool that automatically adds a web page showcasing available job listings to a company’s site. Once candidates start sending their applications, HR teams can use Factorial to coordinate the recruiting process.

Factorial helps with employee onboarding after a company recruits a new hire by standardizing the process. According to the startup, the platform allows HR teams to create a standardized checklist describing each task that needs to be performed as part of the employee onboarding workflow. Managers can assign each task to the relevant team member and track outstanding items as they’re checked off the list to ensure everything is going smoothly.

Factorial also provides tools for a range of other HR tasks. The startup says it can help companies streamline workflows related to payroll, shift management, business expense reporting and other day-to-day activities.

The platform’s broad feature set is a key part of its value proposition to small and midsized businesses, for whom using a single all-in-one HR platform is more convenient than deploying multiple applications. Factorial said it plans to continue adding more features following the new $80 million funding round and will expand its engineering team to support the effort.

The startup also intends to hire more designers, salespeople, marketers and customer experience experts as part of the recruiting effort. Factorial expects to double the size of its workforce over the coming months.

The additional funding potentially gives Factorial the option to acquire smaller HR startups with products that could be integrated in its platform. Buying an established product is often a speedier way to expand into a new market  than building features from scratch. Speed is an important factor in an industry as competitive as the cloud-based HR software segment, where Factorial’s rivals include both established players such as publicly traded Workday Inc. and fellow venture-backed startups.

The round announced today reportedly values Factorial at $530 million. 

Photo of Factorial founders: Factorial