Sora, the HR automation software startup has said that it has successfully raised $14 million in the Series A round. With an investment of around $10 million, Two Sigma Ventures emerged as the key investor in this round.
The Series A round comes soon after Sora managed to raise a $5.3 million seed round in July last year. That investment was led by Elad Gil and First Round.
A word from the CEO
Sora’s CEO, Laura Del Beccaro told TechCrunch that the company raised its seed round to test the market after its product received notable traction. She said that the seed round helped her company find areas of improvement and how it can scale in the long term.
At present, Sora has all the tools to grow both in personnel strength and financially. Sora’s growth shifted gears in the later stages of 2020. By the end of 2020, the company saw a seven-fold increase in customers and an eight-fold rise in revenue since the seed round.
Sora Gains Traction during COVID-19 Pandemic
Laura said that the first half of 2020 was very challenging for HR teams. As employees shifted to remote working, it was a major challenge to go on with human resource processes via digital communication platforms like Zoom and Google Meet.
Why did Sora’s product do so well during the pandemic? The main reason was that the product helped HR operations teams to streamline their tasks. It enabled better team collaboration and allowed HR teams to create a standardized process for certain tasks.
Sora also allows HR teams to deliver automated emails and relay information from multiple software applications used by HR teams in large companies. At the end of the day, Sora’s growing popularity can be attributed to the application’s features that make it easier for HR teams to stay organized.
Why Did Sora HR Choose Two Sigma Ventures?
According to Frances Schwiep, Partner at Two Sigma, she was closely monitoring the HR tech industry for quite some time. Sora was a perfect fit according to her vision and idea about HR technology.
She also said that a few macro trends are likely to work in favor of the startup. These macro trends include declining average employee tenure and the shift toward remote working.
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