MEXICO CITY—-Worky, an all-in-one HR software and payroll platform for small- and medium-sized businesses in Mexico, announced a $3M seed round led by fintech specialist QED Investors. Existing investor LEAP Global Partners also participated in the round. Along with the founding round, Lauren Connolley Morton of QED Investors and Leticia Jauregui of LEAP Global Partners will join Worky’s board of directors.
Worky was founded in 2018 by Maya Dadoo, Carlos Marina and Oscar Castillo to help Mexican employers reduce turnover and win the war for talent by building stronger relationships with their employees.
Worky allows employers to cost-efficiently offer best-in-class benefits by providing an end-to-end enterprise-grade platform that displaces the dozens of Excel sheets that HR managers use today. Through Worky, a company can automate employee files, PTO management, recruiting, evaluations, payroll, employee benefits, and more.
One of Mexico’s largest problems is employee retention; in certain industries, rotation can surpass 65% annually. “Through Worky, companies have decreased their employee attrition by 30% in the first three months of use,” said Maya Dadoo, Worky’s CEO. “We are thrilled to see how our powerful digital platform enables SMBs to offer superior benefits and improves communication between employers and employees.”
As employers anticipate an expansion of remote work, it’s more critical than ever that companies build deep connections with their employees and provide them with both financial and emotional support. The Worky platform allows employers to be up and running in less than two hours. The company plans to use its seed funding to further build out its technology and scale to larger businesses.
Lauren Connolley Morton, Partner at QED Investors, said, “We’ve invested in HR technology companies worldwide, and we’re convinced that Worky is the winning platform for small- and medium-sized businesses in Mexico and for the 20 million Mexicans who work for them. We’re excited to use our operational expertise to partner with Worky’s exceptional founding team to help employers reduce turnover, improve productivity and expand employee access to financial services.”
“As a cross-border fund, LEAP partners with founders that have deep domain expertise and are creative in customizing solutions to fit the realities of their market,” said Leticia Jauregui, Venture Partner at LEAP Global Partners. “Maya, Carlos, Oscar and their team, have demonstrated that they understand the complexities of the Mexican payroll market, which is large, fragmented and underserved. LEAP is excited to partner with Worky on its journey to accelerate HR, payroll and benefits automation for Mexico’s SMEs.”
Worky is an all-in-one HR Software + Payroll for Mexican SMEs. It brings automation to manual HR activities and benefits to employees (e.g. payroll loans, saving plans, insurance). Using the wealth of employee centric and performance information generated through its software, it can better serve employees and offer fairer and more relevant financial products.
About QED Investors
QED Investors is a leading boutique venture capital firm based in Alexandria, VA. QED Investors is focused on investing in early-stage, disruptive financial services companies in North America, South America, and the United Kingdom. QED is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include Credit Karma, ClearScore, Nubank, SoFi, Avant, Remitly, Flywire, GreenSky, Klarna, QuintoAndar, Konfio, Creditas, and Mission Lane.
About LEAP Global Partners
LEAP Global Partners is a Cross-Border Venture Capital firm that invests in LatinX founders and startups that view the Latin American market as critical to their long-term success. LEAP partners with bold founders that disrupt traditional models in Fintech, SME SaaS and Commerce. LEAP leverages its cross-border network of investors, entrepreneurs and enterprise to help founders scale their talent and client base across the Americas.