Posted on September 7, 2022, 6:55 amUpdated September 7, 2022 at 11:35 am
How do you know if you are paid less than a colleague? This question obviously torments more than one employee in the world of work… However, it is often difficult for human resources to respond exhaustively and transparently to this type of questioning.
That’s why, in October 2020, Virgile Raingeard, 37, and his co-founder Bastien Formery, 32, launched Figures. The beginning ? A real-time digital tool for employers “Helping them make decisions fairly and efficiently” according to your baseline.
Today, exclusively at Les Echos START, the start-up specializing in HR data announces that it raised 6.8 million euros from the Point Nine investment fund and its historic investors – among others BPI, Seedcamp or Kima Ventures. In view of the current economic context, the founders are pleased to have carried it out, because the operation was much “more complicated” than the first one in 2021 (1.7 million euros). By comparison, at the time, fundraising was “a non-subject”remembers Virgil Ringeard.
The goal? Accelerating its European development following its establishment in Germany and the UK, which resulted in the acquisition of its UK counterpart Payspective last spring. From now on, multiplying the sums by four, the offspring is mainly aimed at the markets of Holland, the Nordic countries and Spain. To support this expansion, Figures’ workforce has increased from 7 at the end of 2021 to 26 today.
700 start-ups and 6 CAC40 boxes
If, historically, the company’s target audience was quite young in technology, its clientele has gradually expanded. Figures claims 700 start-ups and scale-ups such as Back Market, JobTeaser or Swile, but also six CAC40 companies and other giants like Decathlon. In total, the start-up expects to reach 1,000 customers by 2023.
But how does it really work? A company buys an annual subscription (between 1,800 and 15,000 euros), transmits its data to Figures, which integrates it into its software and analyzes it, then delivering a personalized dashboard fed in real time to the HR departments of each client. Encouragement can come from feedback from the team and its representatives.
“I was able to create the tool of my dreams when I was HRD! 🇧🇷 says Virgile Raingeard, at the beginning of Figures. It all starts with a DIY Excel file that his partner and former colleague Bastien Formery, a training developer, has made interactive. The latter is now the CTO of Figures.
For eleven years, between Criteo and the start-up Comète, the former DRH always noticed the same pitfalls (lack of reliable remuneration data and tedious management of salary issues, manual and often full of errors) and the loss of time that goes with that. In short, he was sailing on sight.
The argument is substantiated. Today, when selling his solution, Virgile Raingeard presents three arguments: the live update of numbers by sectors and professions; the volume of data collected and its dynamic presentation as opposed to the frozen annual reports offered by clearing companies, historical players in this field; the contribution of such a system in the fight against wage inequalities, namely between women and men.
Support history. At a recent party, a friend of a friend told her he owed her a beer because Figures had brought a long-awaited and hard-fought pay raise for the entire company. “It was their truth against the employer’s! Our tool allowed them to realize that they paid their employees less than their competitors and correct that. 🇧🇷
In the end, the company wins because employees who have looked elsewhere are incentivized to stay. Ultimately, the project is to affix a certification after the pay equity audit carried out in the entities, so that each job offer is a guarantee of fair remuneration for the candidate. When is the tag?