Kenjo closes a €5m funding round led by Redalpine

– GERMANY, Berlin –  Kenjo has raised one of the largest seed rounds for an HRtech in 2020 after successfully closing a round of €5.1 million led by Redalpine alongside other investors including Julian Teicke, CEO and founder of unicorn wefox, and Maximilian Thayenthal, founder of N26.

The investment will be used for market expansion as the company focuses on increasing its presence in Germany and 2021 Kenjo will expand into Austria, Switzerland, and Spain as well as accelerate product development. Kenjo also aims to deliver a five-fold return on its investment in product and technology.

Founded in 2017, Kenjo is a modern, full-service HR and culture platform that automates admin work and enables employees to take ownership of their professional development by providing single-view access to the most important information that an employee needs.

Designed specifically for employees, Kenjo enables employees to manage their workflows, update their personal information, and automated HR admin tasks, such as holiday entitlements, maternity leave, and sick leave.

David Padilla, CEO, and founder of Kenjo said: “The investment is a clear validation of our value proposition and business model. Traditional HR systems are on the verge of a major overhaul and the majority of HR software providers are only rebuilding old systems with new technologies, reinforcing traditional practices. That’s no longer viable to manage an emerging, and radically different, workforce.”

“Corona has exposed several weaknesses in HR functions as companies struggled to maintain business continuity while sustaining organizational unity and culture when employees were forced to work from home. Corona has accelerated a trend that was already there: more flexible work models. A trend rooted in strong employee demand. Existing systems were built for a world that no longer exists.

“On top of all of this, today’s employees are also more interested in personal and professional development than status and salary, so the current software providers are basically wolves in sheep’s clothing, which is why we built Kenjo and with the employee experience at the heart of our product,” added Padilla.

Carlo Egle, investment manager at Redalpine, said: “HRTech is a big area for investment because competition for talent will become tougher and companies that offer a better employee experience will win the war for talent. We believe for employers to stay relevant and competitive in the market they must foster their unique culture that helps them attract and retain talent. This means enabling employees to have more control over their personal and professional development opportunities with flexibility of working remotely while maintaining the connection to the company and peers.”

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