PeopleDoc raises $17.5m from Accel et al.

As well as new investor Accel, the round also included investments by previous backers Alven Capital and Kernel Investissements, the holding of French business angel Pierre Kosciusko-Morizet.

Alven, Fa Dièse and a group of business angels including Kosciusko-Morizet provided PeopleDoc (then Novapost) with €1.7m in June 2010. Kernel later took a 12.5% stake in the business in January 2012. In April that year, Alven and Fa Dièse contributed to a further €1.5m funding round for the business. The VC backers were joined by Novapost's founders, as well as Kernel.

Alven currently invests from Alven Capital IV, which closed on €120m in March last year. Accel raised $475m for its Accel London IV vehicle in just eight weeks at the beginning of 2013.

Company
Founded as Novapost in 2007 in France, PeopleDoc specialises in the digitisation of HR documents such as pay slips and time sheets. The company aims to allow its clients to access, share and secure distributed HR information.

The company was renamed PeopleDoc earlier this year following the opening of its New York headquarters. The business is still present in Paris and trades as Novapost in Europe.

PeopleDoc stated it has seen its revenues double every year since 2010. The company expected to post a €4m turnover in 2012, according to unquote" data, which would put its 2013 revenues in the region of €5-10m. PeopleDoc has been profitable since January 2012, according to earlier unquote" reports.

People
Philippe Botteri led the deal for Accel. Charles Letourneur is in charge of the investment at Alven.

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• Topics
• France
• Support services
• Expansion
• France
• Accel Ventures
• Alven Capital