PeopleForce, a Ukrainian startup developing a universal HR platform, has raised $5.38 million in a Pre-Series A round of funding to accelerate its expansion in Poland. The round was led by Pracuj Ventures and u.ventures, joined by Dnipro VC Nick Bilogorsky and Sturgeon Capital. The company shared the details with AIN.

About PeopleForce

• PeopleForce was founded in 2019 by Andriy Setinik. It is an all-in-one HR platform designed to improve employee experience and optimize HR processes at all stages of the employee life cycle.
• According to the company, PeopleForce is recognized as one of the leaders in the HR Tech sector. It serves more than 1,300 clients in 30 countries and has more than 100,000 active users.
• Among the clients are well-known brands such as Autenti, eSky Group, and Brand24 in Poland, as well as TestDevLabs, Paysera, and Ajax Systems in international markets.

“Over the past 12 months, we have achieved a global ARR growth of 80%. In our key markets, the results are even more impressive: in Poland and Latin America, we recorded a 2.5-fold increase in revenue,” commented Nikolai Mikhailov, PeopleForce Co-CEO.

• In February 2024, PeopleForce has already raised $2 million in a seed round from Pracuj Ventures to accelerate product development in Poland and Latin America.

Details of the investment

The Pre-Series A round amounts to $5.38 million and does not include previous investments, including from Pracuj Ventures.

• The round was led by Pracuj Ventures, one of the leading funds in Central Europe specializing in HR technology.

“PeopleForce’s innovative approach to automating HR processes makes the company a leader in HR transformation. The team has already proven to have a clear strategy and is effectively implementing it. Their focus on creating value for customers is fully in line with our investment philosophy,” said Pawel Lex, Managing Partner at Pracuj Ventures.

Among the leading investors is u.ventures, a Chicago-based fund with Ukrainian roots. At AIN’s request, the fund confirmed its participation in the round and noted that their investment in PeopleForce could range from $250,000 to several million.

The investors also included Dnipro VC, a Silicon Valley venture capital fund specializing in early-stage investments, and Sturgeon Capital, a London-based investment firm focused on emerging markets.

“With this investment, we plan to expand our local GTM teams and further automate HR processes tailored to the specifics of each market to support our clients’ development even more effectively,” added Mikhailov.

The funds raised will allow PeopleForce to strengthen its position in Poland, Mexico, and Colombia, three key regions with dynamic growth. The financing will accelerate the company’s expansion and support its mission of global transformation of HR processes.

Source: https://ain.ua/