German HRtech company VEDA has secured €17 million in funding from CIBC Innovation Banking, marking a significant milestone in its journey towards global expansion. VEDA specializes in HR software and payroll-as-a-service solutions, offering a comprehensive platform that includes payroll management, recruitment, personnel development, and learning management services.
The funding injection will fuel VEDA’s international growth strategy, with a particular focus on expanding its presence in key regions such as Germany, Austria, Switzerland, and the UK. Additionally, VEDA plans to leverage the funding to execute its buy-and-build strategy, which involves acquiring payroll software companies and payroll services. This strategic approach aims to enhance VEDA’s offerings and strengthen its position in the market.
CEO Dr. Ralf Gräßler commented: “The pandemic changed the game for HR departments, stretching teams of professionals to the limit as they dealt with remote working and talent shortages. VEDA’s technology provides relief by offering a whole HR platform and the option to outsource certain services. The financing from CIBC Innovation Banking will support us in our buy-and-build strategy as we expand into current markets and explore new ones. We are excited to work with CIBC Innovation Banking as we start this new era of growth.”
Sean Duffy, Managing Director at CIBC Innovation Banking, echoed Dr. Gräßler’s sentiments, expressing confidence in VEDA’s potential for continued success. He said, “We are delighted to be supporting VEDA in their next stage of growth, as they expand their market share, and explore new markets. Our funding has enabled VEDA, as part of the Mittelstand, to explore new avenues for growth and we look forward to supporting this.”