SoftBank, Riverwood lead $93 million investment in Brazilian HR startup Gupy

By Reuters

<div> <p>By Aluisio Alves</p> <p><span class="caps">SAO</span> <span class="caps">PAULO</span> – Brazilian digital human resources startup Gupy said on Monday it has raised 500 million reais ($93.15 million) in a funding round led by Japan’s SoftBank and U.S. venture capital firm Riverwood.</p> <p>Founded in 2015, Gupy uses artificial intelligence to select, hire and train employees. According to the startup, it has around 1,500 client companies in Latin America, including Ambev, <span class="caps">GPA</span>, Vivo, Cielo and Lojas Renner.</p> <p>The funding round comes after an expansion of automated human resources services in Brazil, especially during pandemic-related lockdowns. Mariana Dias, Gupy’s <span class="caps">CEO</span> and cofounder, said automated services are able to reduce the time spent on hiring employees by about 70%.</p> <p>Gupy’s latest funding round was 12 times larger than its previous one in June 2021, when the firm raised 40 million reais. Four months later, it acquired Niduu, a startup focused on employee training. </p> <p>“Now, with the new round, we can increase investments in technology and offering solutions for workers looking for jobs through the recruitment platform,” Dias told Reuters, mentioning the launch of a free marketplace for job offers.</p> <p>She declined to disclose Gupy’s valuation in the latest funding round. The company currently has 470 employees. </p> <p>Dias said that acquisitions would be one of company’s growth drivers, with an initial public offering (<span class="caps">IPO</span>) not on its radar right now.</p> <p>($1 = 5.3674 reais)</p> <p/> </div>