Polish payroll provider Symmetrical.ai raises $18.5M for European expansion
29 April, 2022, 13:23
Symmetrical.ai, a payroll tech provider, has raised an $18.5 million investment from Target Global with participation from Global Founders Capital, Finch Capital, Partech, Market One Capital, and Inovo. The company plans to expand to new European markets and grow its core 65-person team, TechCrunch reports.
- Founded in 2019 in Warsaw by Daniel Wartolowski, Maciej Noga, Piotr Smolen, Symmetrical.ai develops a solution that enables the automation of payroll processes through an API-first approach. Its platform offers tools designed to help employers access, analyze, and manage the salary data of domestic and international employees.
“Our goal is to create a new, global technology architecture for the payroll industry, from scratch. An important part of [our] solution is data technologies to improve data governance, overcome data silos, and deliver on the data-driven vision,”Symmetrical.ai CEO Piotr Smolen talks about the startup.
- The $18.5 million Series A funding round was led by Target Global. It is a venture capital investment firm with more than €3 billion in assets, supporting tech companies across their lifecycles.
- According to Crunchbase, Symmetrical.ai closed a $6.3 million seed round from Angel Invest in 2020. It also raised a €1.35 million pre-seed investment from the same investor in 2019.
- The company has a customer base of over 50 companies and annual recurring revenue eclipsing $1 million. Symmetrical.ai has a team of 65 members, which it wants to expand. It has offices in Warsaw, London, and Barcelona.
- Using the fresh funding, the startup is also planning the expansion to new European markets, as well as further development of its platform.