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Enterprise Venture Fund I, the venture capital fund under Enterprise Investment management, has made its first investment in Romania today.
Under the agreement, EVF will provide €3 million capital financing to Smartree Romania, the largest human resources services outsourcing company in the country, for 56% interest in the company.
Smartree Romania provides human resources outsourcing services, such as employee benefits, recruiting and payroll to around 100 local and multinational companies operating in Romania. The company processes more than 30,000 employees on a monthly basis, using state-of-the-art software developed by the company itself.
Since the establishment of Smartree in 2000, the company managed to retain its customer portfolio due to services quality, price and data security. Smartree is held by businessman Eric Kish.
In 2009, the company’s revenues increased to €3.5 million. Smartree’s management said it plans to keep the growth rate intact in the future.
“We expect the Romanian human resources outsourcing market to rise rapidly over the coming years. We believe that an increasing number of companies seeking for better and affordable services will start outsourcing their HR activities. With the financial support we provide, Smatree will keep its leading position in the market by diversifying its offer and attracting new customers”, said Rafal Bator, Partner and Head of Venture Capital at Enterprise Investors.
“The capital Smartree received from our new partner will be used to finance a new personnel outsourcing line, the development of our payroll management and software outsourcing”, said Eric Kish, owner of Smartree.