Formerly known as Novapost, French startup PeopleDoc raised a $17.5 million round led by Accel Partners. Existing investors Alven Capital and Pierre Kosciusko-Morizet’s Kernel Investissements also participated. PeopleDoc lets you paperlessly manage all your HR documents.
The main solution is a unified platform for every document from job offers to digital payslips. It isn’t just a one-off solution, as you need to manage HR documents all the time. It creates a recurring revenue stream — and it seems like the products are quite sticky as well.
“PeopleDoc has never lost a customer which speaks very highly to the strength of its solution,” Accel partner Philippe Botteri said.
So far, the company has attracted 150 companies, such as Starbucks, Total or Motorola. The startup now has offices in New York, Boston and Paris. It signed with multiple big companies in France, but it’s still early in the U.S.
There are three different products available in the U.S. PeopleDoc Enterprise is the more full-featured solution, which creates a sort of Box for all your HR documents. Every employee can log in and download the documents they need.
PeopleDoc Signature is built on top of DocuSign — it is an EchoSign competitor. It lets you sign HR documents without having to print it. Finally, PeopleAsk is a tool to create a knowledge base for HR questions.
An important challenge for the company is to comply with technical requirements. The company needs to maintain the same legal value as paper documents. In France, the company works with CDC Arkhinéo to store payslips and comply with the law. It’s a good barrier of entry. Now, the company will probably focus on signing new clients.