VEDA, an Aachen, Germany-based company specializing in HR software and payroll-as-a-service, secured €17 million in funding.  

Investors  

The investment was from CIBC Innovation Banking.  

CIBC Innovation Banking delivers strategic advice, cash management, and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond.  

VEDA Use of Funds  

The funds will primarily support VEDA's international expansion efforts in the DACH region and the UK, its buy-and-build strategy focusing on acquiring payroll software companies and service providers, and its exploration of new markets like Benelux, the UK, and the Nordics.  

About VEDA  

VEDA offers HR solutions and services tailored for innovative and collaborative HR management, along with payroll-as-a-service, to mid-market enterprise customers in Germany. Its platform integrates a diverse array of services, encompassing payroll, recruitment, personnel development, and learning management. Recently, the company was acquired by the global alternative investment firm Investcorp. 

Funding Details         

Company: VEDA GmbH  

Raised: €17.0M        

Round: Unknown   

Funding Month: May 2024         

Investors: CIBC Innovation Banking  

Company Website: https://www.veda.net/   

Software Category: HR  

Source: https://tech.eu/2024/05/16/hrtech-veda-raises-eur17m-for-payroll-as-a-service/