[Germany] Veda raises €17M in financing to extend DACH market share

Veda - the Germany-based HR software and payroll-as-a-service provider - has raised €17 million in a financing round led by CIBC Innovation Banking, FinSMEs reports.

Veda says it intends to invest the funds to extend its market share in the DACH (Germany, Austria and Switzerland) region and expand into other international markets such as Benelux, the UK and the Nordics.

In addition, it will reportedly develop its buy-and-build strategy, prioritising payroll software companies and payroll services.

Veda is helmed by CEO Dr Ralf Gräßler. It provides a large portfolio of mid-market companies with an HR tech platform featuring tools for recruiting, onboarding, personnel management, talent management, learning & development, payroll, workforce scheduling and time & security. 

The company currently serves 1,200 customers and has around 170 employees.

Veda achieved a turnover of around €20 million in 2023.

Veda - the Germany-based HR software and payroll-as-a-service provider - has raised €17 million in a financing round led by CIBC Innovation Banking, FinSMEs reports.

Veda says it intends to invest the funds to extend its market share in the DACH (Germany, Austria and Switzerland) region and expand into other international markets such as Benelux, the UK and the Nordics.

In addition, it will reportedly develop its buy-and-build strategy, prioritising payroll software companies and payroll services.

Veda is helmed by CEO Dr Ralf Gräßler. It provides a large portfolio of mid-market companies with an HR tech platform featuring tools for recruiting, onboarding, personnel management, talent management, learning & development, payroll, workforce scheduling and time & security. 

The company currently serves 1,200 customers and has around 170 employees.

Veda achieved a turnover of around €20 million in 2023.