HR Path today announced a new record round of financing. With this new operation, HR Path intends to continue its international expansion and strengthen its status as a global leader in the HR industry.
This round combines the raising of external growth-oriented bank financing and a reorganization of equity around Andera Partners, a partner of the group since 2019, which is structuring a dedicated co-investment fund for the occasion. The creation of such a fund for a company the size of HR Path is unprecedented on the market. This new financing method not only offers liquidity to investors and shareholders but also allows the international group to benefit from additional financial resources to continue its growth.
The €225 million funding round was led by Andera Partners and a dozen of its subscribers, including Societe Generale Capital Partenaires (SGCP). Six French banks (Société Générale, BNP Paribas, Crédit Agricole Ile de France, Banque Palatine, LCL and Caisse d’Épargne Ile de France) have also subscribed to this operation. The assistance of Volt Associés, and this co-investment fund made this fundraising. Andera Partners, the co-investment fund and SGCP remain minority shareholders of the group.
HR Path’s services range from HR strategy consulting (Advise) through the implementation of software solutions (Implement) to payroll outsourcing (Run). The international Group aims to continue its expansion and expand its value proposition in all countries of the world, especially in the 19 countries where the group is already present.
With a double growth, both organic and external HR Path aims to:
– Double its turnover within 5 years
– Receive 400 people a year in the coming years
– Become the world leader in the digital transformation of the HR function.
“This new round will allow us to give ourselves the means to achieve our ambitions. We want to contribute to the improvement of HR performance, including through the acquisition of new companies. We want to share our HR expertise with large international groups and create HR innovation with them,” says François Boulet, co-president of HR Path.
Cyril Courtin, co-president of HR Path, adds: “The topics around human capital are more than ever a priority: adapting to change, data security, employee attraction and employee engagement. Thanks to our own talents, their expertise and their involvement alongside our customers, HR Path is able to meet all these challenges that allow companies to improve HR experience. That is why we strongly believe in our potential and we welcome the confidence, renewed for some, of our financial partners.”
François-Xavier Mauron and Antoine Le Bourgeois, partners of Andera Partners, declare: “For the past 3 years, we have financed and supported the change of scale of this champion wishing to become a leading global player in its market. It is with pleasure that we will continue to support HR Path in its projects. This new method of managing shareholdings allows us to continue to create value on a performing asset for which we have a strong conviction. ”
Marc Jacquin, Director of Participations at SGCP explains: “After having accompanied the group on the occasion of its first operation in 2015 and again in 2017, SGCP is pleased to participate in this new stage of the HR Path group and to support the management in its ambition to build a global player in a dynamic and strategic market of the HR function for companies.”
About HR Path
HR Path, global leader in Human Resources, supports companies for which the human experience is essential to their digital transformation. Our 3 business lines, Advise, Implement & Run, contribute to the HR performance of its customers.
Created in 2001 in Paris and with its 1,300 talents, HR Path advises, integrates, and operates in 19 countries for more than 1,500 clients. Its turnover to date amounts to 140 million euros.
Cash Management Company Coinshift Closes $15 Million Series A Led by Tiger Global, Sequoia Capital India, Alameda Ventures
Cash management company announces roadmap to build cutting-edge multichain treasury infrastructure for Web3
SHERIDAN, Wyo., May 17, 2022 — Coinshift, a leading treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, today announced its $15 million series A funding round and its roadmap for building a novel full-service treasury management solution in the industry.
The series A funding round is led by Tiger Global and joined by Sequoia Capital India, Ryan Hoover (Founder of Product Hunt and the Weekend Fund), Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, Hash key Capital, Quiet Capital, Polygon Studios, Volt Capital and 300 and more angels and operators in crypto and fintech.
Coinshift has undergone rapid growth since its launch in June 2021, managing more than 1000 safes, $1.3 billion in assets and $80 million in payouts for organizations like Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer and many others.
Coinshift Founder and Chief Executive Officer Tarun Gupta, commented, “Today, a new chapter of the Coinshift journey begins. We are unveiling a glimpse into our platform’s second version, through which we share our vision to build the most sophisticated multichain treasury infrastructure for Web3. The fact our investors have returned to participate in a series A funding round is a testimony to the quality of our platform and the timely solution we offer to fill the current needs in the market.”
Coinshift’s version 2 was built and designed in close collaboration with the industry’s leading Decentralized Autonomous Organizations (DAOs). Our version 2 will allow users to manage multiple Gnosis Safes for multiple chains under one organization to enable significant time saving and achieve transparency in treasury operations. The major architectural change between Coinshift version 1 and Coinshift version 2 is that users can add multiple safes to a single organization across multiple chains, whereas in version 1, one safe address was tied to one organization, in Coinshift’s feature-rich version 2 architecture, treasury managers and sub-DAO committees will be able to efficiently consolidate all their safes across networks and seamlessly visualize overall treasury balances. In addition, users will have global access to payees, labels, budgets, reporting and advanced access level control between safes.
“With Coinshift’s version 1, our team has done an incredible job of building a sophisticated mass payouts platform. With our version 2, we are taking a massive leap forward to enable DAOs of any size, to manage their treasury. But we’re just getting started, and we are excited for the opportunity that lies ahead as we work toward building the most sophisticated next-generation cryptocurrency treasury management platform.”
Tiger Global: “We’ve been impressed by the pace of product development at Coinshift since we met Tarun and the team. It’s clear there is a huge need for crypto native treasury management and payments, and we are excited to back Coinshift as they roll out the next iteration of the platform,” said Alex Cook, Partner, Tiger Global.
“Tarun and the team are building heads down at Coinshift. They have made wonderful progress since Sequoia Capital India participated in their seed funding last year. This round will enable them to build a wider set of offerings for treasury management and Sequoia Capital India is thrilled to deepen the commitment to Coinshift,” said Shailesh Lakhani, MD, Sequoia India
Alameda Ventures: “Excited to observe Coinshift leading the infrastructures to bring simple, flexible, and efficient DAO/treasury management tool into a wider audience,” said Adam, Partner at Alameda Ventures.
Notable individual investors include:
- Ryan Hoover (Founder of Product Hunt and the Weekend Fund)
- Sandeep Nailwal — Co-Founder and COO, Polygon
- Shiva Rajaraman — VP at Opensea
- Prabhakar Reddy — Founder of FalconX
- Scott Belsky — CPO Adobe and Founder of Behance
- Lenny Rachitsky — Previously Product Manager, Airbnb
- Utsav Somani — Iseed and Head of Angelist India
- Shaan Puri — Previously Director of Product, Twitch
Coinshift is a leading treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, general financing, and overall risk. Coinshift provides a single and easy-to-use solution that facilitates and manages treasury operations in an efficient manner. Coinshift is built on the Gnosis Safe, which allows clients to utilize its core pay-out features to manage payments, engage in collaborative multi-signature transactions, and save up to 90 percent on gas fees. We extend Gnosis Safe functionality with additional reporting features, on Ethereum and Polygon, allowing users to save time and reduce operational and gas costs.
Prometheum Secures $15M+ in Funding Ahead of Launch
Brings total funding amount to-date to more than $42M
Prometheum Inc., parent of a FINRA member firm and SEC registered digital asset securities alternative trading system (ATS), “Prometheum ATS”, has announced today that it has secured more than $15 million in funding. This current round of fundraising brings the total investment in Prometheum to more than $42 million in total funding.
This latest funding will be used to support the upcoming launch of Prometheum’s ATS, hire critical personnel and accelerate research and development related to the Company’s proprietary trading and clearing systems. With launch expected in H1 2022, the Company will also be allocating these funds to build out their team, with plans to more than double the size of the team over the next three to six months.
“Our goal has always been to provide a full-service digital asset securities marketplace for both institutional and retail investors,” said Aaron Kaplan, co-CEO and co-founder of Prometheum. “Securing this round of funding solidifies the support we have in our vision of integrating digital asset securities into the existing capital markets infrastructure. With the launch of our ATS, coming very soon, this funding allows us to be one step closer to realizing this vision.”
Prometheum ATS offers a streamlined onboarding process by automating Know-Your-Customer (KYC) and Anti-Money Laundering (AML). Combined with a user-friendly interface, customizable charts, historical and Level 2 (depth of the book) data, Prometheum ATS will provide a complete trading experience for both retail and institutional investors. Importantly, Prometheum ATS seeks to ensure a fair and orderly market focusing on customer protection with advanced market surveillance and risk management systems.
Prometheum achieved many milestones in 2021. In March 2021, Prometheum announced that it would be partnering with Anchorage Digital Bank to create a digital asset securities trading system for all investors. Later in the year, the Company announced that it had met SEC regulatory requirements and received FINRA approval to operate an ATS for digital asset securities.
Founded in 2017 by a group of Wall Street attorneys, Prometheum is a blockchain-focused company which proposes to build an end-to-end ecosystem for the trading, custody and settlement of digital asset securities.
Prometheum, Inc. Disclosure
This press release is issued for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release that are not historical or current fact are “forward-looking statements” that are based on the Company’s beliefs, assumptions, and expectations of future events, taking into account the information currently available to the Company. These forward-looking statements are subject to numerous uncertainties and factors relating to the Company’s proposed business and operations, as well as uncertainties relating to capital markets some of which are difficult to predict and many of which are beyond the Company’s control. Any forward-looking statements in this press release are based upon information available to the Company on the date of this press release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized.
Ex-Grab Philippines President raises US$10.5M from regional and global investors to drive SariSuki's expansion into quick commerce
- SariSuki, the leading player in Philippines’ immense e-commerce grocery sector, is expanding into quick commerce
- SariSuki founded in 2021 by an impressive team that includes ex-Grab Philippines President, Brian Cu
- Hyper-convenience is a key strategy in breaking down more barriers to e-commerce adoption and creating the leading end-to-end eGrocery platform
- This round takes SariSuki’s total funding in 2021 to US$10.5M.
- New funding will be used to increase the business’ product assortment, dark warehouses, and geographic expansion.
SariSuki, a fast growing social commerce startup, is expanding into quick commerce with a vision to build an end-to-end eGrocery platform in the Philippines. With the launch of this new service, SariSuki is now able to create greater value for producers at source as well as hyper-convenience for consumers. This expansion follows significant fundraising that counts Openspace, Susquehanna International Group (SIG), Global Founders Capital (GFC), Saison Capital, JG Digital Equity Ventures, and Foxmont Capital Partners amongst those who participated. The latest US$7.1M round took total funding for the company to US$10.5M in 2021.
Capturing the end-to-end opportunity in e-grocery market with quick commerce expansion
Global and regional investors have taken notice of the size and potential of the e-commerce retail market as well as the social impact the company can have through its unique model. The Philippines’ e-commerce market size is estimated to reach USD$15 billion by 2025 (Statista) but despite this huge market size, the adoption of e-commerce into the grocery sector remains low, with only 3% of businesses operating online. With the pandemic further exposing this issue, SariSuki started in 2021 with a mission to empower communities with more options to shop for high quality groceries online – which it achieves by buying fresh produce in bulk from local farmers and offering them to the local community at a discounted price.
SariSuki is now entering quick commerce on the back of 36x growth in the past 9 months. The business has served >60,000 consumers and grown the team to over 100 employees. Importantly, SariSuki has the unique advantage of having built a strong and robust supply chain at speed, which will serve a network of dark stores for its quick commerce service. SariSuki’s quick commerce app commits to delivering high-quality produce in under 15 minutes within its coverage areas.
“We are a set of founders that grew up in the Philippines and have an understanding of our market. This, combined with our background in scaling up large tech companies in the region, made us realize that we can do more with the supply chain infrastructure we have built. Quick commerce is a way for us to expand into serving the segment of our market that seeks hyper-convenience for a hyper-local product mix for their daily needs,” said Brian Cu, Co-Founder of SariSuki.
Creating greater value at source through social commerce
To address long-existing supply chain inefficiencies, SariSuki adopts an agent-assisted model, servicing its consumers through Community Leaders. Members of communities who set up their business as a Community Leader see meaningful income expansion as they profit from selling produce whilst performing the last mile fulfillment. This model has enabled SariSuki to offer supermarket quality products at wet market prices.
“SariSuki’s increasing sector dominance has resulted from addressing key pain points and barriers to e-commerce adoption with a model that builds confidence amongst, and value for, consumers. We recognised that the trust that those communities are putting in their Community Leader, who consistently delivers high-quality local produce, will help to rapidly accelerate vital e-commerce adoption,” said Hian Goh, co-founder of Openspace.
A founding team emerging from Southeast Asia’s scale-up tech giants
SariSuki was founded by an impressive team emerging from within Southeast Asia’s scale-up tech giants. Brian Cu was a co-founder of Zalora Philippines and Grab Philippines, where he assumed the role of Country Head and drove the super-app’s exponential growth over the past 7 years.
“In a complex market like the Philippines, hyperlocal expertise is crucial to lead the quick commerce sector. Brian and his team are proven entrepreneurs with a deep understanding of what it takes to drive meaningful local adoption and the success of SariSuki’s operations over the past year is a testament to this. Their know-how and career-long relationships with stakeholders across the supply chain has set them up with the best opportunity to succeed and we look forward to being a part of their growth story,” said Chris Sirise, Saison Capital Partner.
“We are honored to back a stellar team bringing convenience and a world-class customer experience to groceries shopping in the Philippines. In our view, the high density, growing disposable income, maturing digital connectivity and sheer population size in key urban areas in the Philippines, finally set the stage for the next cohort of large consumer-facing tech businesses in the country,” concluded Tito Costa, Partner at Global Founders Capital.
SariSuki is a Philippine Community Group Buying startup for daily essentials and groceries. It aims to provide affordable high quality products via efficient sourcing whilst providing additional livelihood to its community leaders/sellers. The company launched in May 2021 and has grown 36x after 9 months. SariSuki has also launched Supah, a quick commerce app, that aims to deliver groceries in 15 minutes.
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