French start-up Elevo has raised 6 million euros in a series A funding round led by Elaia Partners, following a seed round with business angels in 2019. Elevo was founded in 2017 by Etienne le Scaon, Thibault Vilon, and Léo-Paul Goffic. The platform is a new-generation talent and performance management solution for businesses. The company enables HR managers to set up engaging performance campaigns throughout the year, define and manage objectives, and create inspiring career paths for their employees. Elevo already has a wide range of clients, from established start-ups (Blablacar, Aircall, etc.) to more mature groups (JCDecaux, Labeyrie, Picard, etc.). The platform has 200 clients and 40,000 users across France and Europe.
Elevo aims to use the funding to improve its product, accelerate growth in France and Europe, and aim for 3,000 clients in the next five years. The company also intends to strengthen its tech, sales, and marketing teams.
Transaction Services - 2CFinance conducted the financial due diligence for Elevo. Elaia Partners is a Paris-based venture capital firm that invests in European technology companies. The firm has over 350 million euros in assets under management and has invested in over 100 companies since 2002.
Elevo's latest funding round is part of a wider trend in HR tech investment. The COVID-19 pandemic has accelerated the need for remote-work-friendly software solutions, including HR platforms. The global HR software market is expected to grow from $17.6 billion in 2020 to $30.7 billion by 2025, at a compound annual growth rate of 11.8%.
Elevo's innovative platform is well-positioned to take advantage of this growth, and the company's latest funding round will help it expand its operations and continue to develop its market-leading product.