New Ukrainian venture fund Pragmatech Ventures invested in HR-service Hurma System
Pragmatech Ventures has invested in Hurma System in HR automation. AIN.UA was informed about this by representatives of the fund.
This is Pragmatech Ventures’ first deal. The amount was not disclosed, however, the fund’s average check is stated in the range of $ 500,000 to $ 2 million. The investment in Hurma System was made in round A.
The capital will be used to accelerate the development of the HR-process and recruiting management system, as well as to prepare Hurma System products for entering international markets.
What is Hurma System
Hurma System — is a Ukrainian HR Tech product, HRM / HRIS (Human Resource Management / Human Resources Information System), launched in September 2018. The system automates the HR and recruiting processes of companies, as well as goal management (OKR) and employee performance. Thus, the Hurma System simplifies the work of HR specialists.
As of August 2020, there are more than 500 companies with more than 60,000 users among the Hurma System clients. Among them are Banda Agency, Aimbulance, HYS Enterprise, Cleveroad, Sendpulse, Hubber, Yalantis, as well as a number of state-owned enterprises, including the State Property Fund of Ukraine.
“During two years of the product’s existence, we have formed an extensive client base and won the trust of the Ukrainian HR community. We have ambitious plans: to further develop the product and its functions, providing our customers with maximum opportunities, to enter new markets. The investments and expertise of Pragmatech will help us to confidently move along the chosen course”, – comments Vladimir Fedak, CEO of Hurma System.
“HR Tech has shown high growth rates: 14% annually over the past five years. According to forecasts, this trend will continue until at least 2025. We see great potential in the development of Hurma System and plan to accompany the company on its way to international markets”, – says Evgeny Sergeev, founder and general partner of Pragmatech.
In advanced economies, the cost of digital HR solutions averages about $ 310 per employee per year. Even considering that in developing economies this amount may be three times less, the HR technology market is extremely promising. I am sure that the Ukrainian product will be competitive and will find its customers outside of Ukraine.
About Pragmatech Ventures
Pragmatech Ventures — a venture capital fund investing in B2B SaaS projects in the early stages of development, focused on startups in Central and Eastern Europe in the direction of Enterprise Software. Priority: HR Tech, Bio Tech, Property Tech, Marketplaces & Market Networks.
Pragmatech also includes the Pragmatech Studio startup, which generates and validates new business ideas, gathering teams of entrepreneurs around them.
Pragmatech was founded by the CEO of iDeals Evgeny Sergeev, however, as explained to AIN.UA in the fund, it is not directly related to the iDeals business, is not part of it and works independently. Pragmatech Ventures investment capital is provided by the founder and several partners.
Source: ain.ua
