UK-based Sirenum raised a USD $2.9 Series A round of VC for its gig and shift worker focused workforce management solution built on the Salesforce platform. Sirenum delivers an HR suite claiming to have capabilities in workforce management, vendor management, employee engagement, and time and attendance.
We haven’t seen the product, but the inclusion of vendor management in a workforce management platform could be a short term differentiator. While the contingent workforce has continued to rise in popularity over the last decade, uncertainty in the job market and the overall economy is accelerating the trend. In 2013 we looked at the contingent workforce data and trend, noting that HR technology would need to shift beyond just tracking a different pay class in order to keep up with the trend. Since that time we’ve seen the contingent work market shift as expected, and employers react, but HR technology is still slow. The current state of the market may spur more innovation.
We are aware of a few new vendor management (VMS) solutions to enter the market, like VNDLY, but HR and talent suites are slow to keep up or understand the market opportunity. WorkTech puts the global time and attendance market alone at approximately $13 billion of the $380 billion global addressable market for HR tech.
HR technology has seen several products built on the Salesforce platform perform well, but none have capitalized on the salesforce installed base as a go to market accelerant versus other cloud-based HR technology. Fairsail (acquired by Sage), jobscience (acquired by Bullhorn), and FinancialForce (Salesforce invested) are the better known players in the market that were developed on the Salesforce platform.
USD $5 billion of venture capital was invested globally in HR technology during 2020.