New Ukrainian VC firm Pragmatech Ventures invests in HR service Hurma System
This is the first deal of Pragmatech Ventures. The amount is not disclosed, but the average ticket size of the firm ranges from $500,000 to $2 million. The investment in Hurma System was made during the Series A round.
The money will go towards accelerating the development of the HR process management and recruitment system, as well as preparing Hurma System products to enter international markets.
About 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 HR and recruitment processes of companies, as well as OKR (Objectives and Key Results) management, and employee efficiency. Thus, Hurma System simplifies the work of HR specialists.
As of August 2020, there are more than 500 companies among customers of Hurma System with over 60,000 users. These companies include Banda Agency, Aimbulance, HYS Enterprise, Cleveroad, Sendpulse, Hubber, Yalantis, as well as several state enterprises, including the State Property Fund of Ukraine.
“For two years of the product’s existence, we have created an extensive client base and gained the loyalty of the Ukrainian HR community. We have ambitious plans: to further develop the product and its features, providing our customers with maximum opportunities to enter new markets. Investments, as well as Pragmatech’s expertise, will help us move confidently on our chosen course,” comments Volodymyr Fedak, CEO of Hurma System.
“HR Tech shows high growth rates: 14% annually for the last five years. According to forecasts, such dynamics will be maintained 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.
In countries with developed economies, the cost of digital HR solutions is about $310 per employee per year. Even considering that this amount may be three times less in emerging economies, the HR technology market is extremely promising. I am sure that Ukrainian product will be competitive and will find its customers outside Ukraine,” says Yevhen Sergeev, Founder & General Partner at Pragmatech.
About Pragmatech Ventures
Pragmatech Ventures is a venture capital fund that invests in B2B SaaS projects at the early stages of development and focuses on Central and Eastern European startups in the field of Enterprise Software. The focus is on HR Tech, Bio Tech, Property Tech, Marketplaces & Market Networks.
Pragmatech also includes Pragmatech Studio, a startup studio that generates and validates new business ideas, bringing together business teams around them.
Pragmatech was founded by Yevhen Sergeev, CEO of iDeals, but, as explained to AIN.UA by the firm, it is not directly connected with the iDeals business, is not part of it, and works independently. Capital for investments of Pragmatech Ventures is provided by its founder and several partners.