The HR tech funding market is back after a slow 2024. Global HR software startups raised over $3 billion in the first half of 2025, and round sizes are getting larger even as deal count drops. AI is eating everything—recruiting, payroll, performance management. If you're building HR software right now, you need to know which VCs are actually deploying capital.
Quick list
Sequoia Capital: Backed Rippling's $450M Series G at $16.8B valuation in May 2025
Alkeon Capital: Led Ashby's $50M Series D in July 2025, doubling the company's valuation
General Catalyst: Led Awardco's Series A and followed on with Series B participation as company hit $1B+ valuation in May 2025
Workday Ventures: Made 10 AI-focused HR tech investments since 2023, including Censia, Sana, and Paradox
Founders Fund: Committed largest single-check in their history ($310M) to Rippling's Series F in April 2024
Y Combinator: Backed Rippling from seed and recently became a customer themselves
Coatue: Led Rippling's $200M Series F at $13.5B valuation in April 2024
Sixth Street Growth: Co-led Awardco's $165M Series B in May 2025
Spectrum Equity: Co-led Awardco's $165M Series B, bringing expertise from growth-stage SaaS
Sapphire Ventures: Backed Paradox's $250M+ raise before Workday acquisition announcement
Menlo Ventures: Portfolio includes Sana ($140M raised) before Workday's $1.1B acquisition
Bessemer Venture Partners: Active in HR AI including Leena AI for employee support automation
NFX: Top-ranked seed investor in HR tech focused on network effects businesses
Counterpart Ventures: Specialized HR tech fund backing seed and Series A, invested in RemoFirst
Accel: Led multiple HR tech rounds including recruiting and workforce management platforms
Greylock Partners: Early-stage focus with portfolio spanning talent acquisition to people analytics
Kleiner Perkins: Backed Rippling from early stages through recent growth rounds
Tiger Global Management: Growth-stage investor in workforce software and people ops platforms
Insight Partners: Growth equity player investing $400M+ annually in software, including HR vertical
GV (Google Ventures): Strategic investor bringing Google distribution to HR tech startups
Thoma Bravo: Growth equity and buyout firm that backed Paradox before acquisition
Lachy Groom: Co-led Ashby's Series D and Series C, known for pattern recognition in enterprise SaaS
F-Prime Capital: Healthcare and vertical SaaS focus, backed Ashby's recent rounds
Elad Gil: Angel and growth investor in Ashby and other high-growth HR platforms
SV Angel: Early-stage investor in Rippling and numerous workforce management startups
Finding investors who actually understand HR tech
Find investors who've backed companies through actual scaling challenges—not just pitch deck phase. Ask their portfolio companies about help during Series B cash management or international expansion. Check if they can intro you to HRIS buyers at mid-market companies—that matters more than brand names.
Make sure they've funded similar business models before. Seed investors often don't understand Series B burn rates. Use Ellty to share your deck with trackable links. You'll see who actually opens your financial projections.
Look at whether their portfolio companies raised follow-on rounds. Dead portfolio companies are a red flag. Ask what operational support they provide during rapid hiring phases. Generic "we have a great network" answers are useless.
How to reach HR tech investors
Research recent deals on Crunchbase or check the HR Tech Conference investor lists. Seed funds won't lead your Series B, no matter how good your deck is.
Show retention metrics and NPS scores in your pitch. Most investors are tired of "AI-powered" claims without actual adoption data. Upload to Ellty and send trackable links. Monitor which pages investors spend time on—if they skip your unit economics, that's useful information.
Message portfolio founders on LinkedIn and ask about response times and actual value-add. Most will be honest if you approach them directly.
HR Tech Conference and SaaS Annual are where deals actually happen. Skip the small local events. Most founders waste time at conferences without preparing target lists. Do your homework first.
Connect with partners on LinkedIn after you've been introduced. Cold DMs rarely work in HR tech—it's too relationship-driven. Warm intros convert at 10x the rate of cold outreach.
Set up an Ellty data room with your financial model and cap table before they ask. It speeds up the process once you're in diligence.
Lead with your retention numbers and expansion revenue. Don't waste 20 minutes on market size slides they've seen 100 times. HR buyers are sticky—if you can't show that, you won't get funded.
Why HR tech is hot right now
We're in November 2025 and HR tech is seeing its best funding environment since 2021. The sector raised $3B+ globally in just the first half of 2025 compared to $2B for all of 2024.
The shift to AI-powered everything is real. Companies are rebuilding entire HR stacks around AI agents and automation. Every investor we talked to mentioned they're specifically looking for AI applications in recruiting, onboarding, and performance management.
25 active HR tech investors
1. Sequoia Capital
One of the most successful early backers of Rippling and continues doubling down.
- Recent Deals: Rippling $450M Series G at $16.8B valuation (May 2025), multiple follow-on investments
- LinkedIn: Sequoia Capital
- Sector Focus: HR tech, workforce management, employee experience, AI-powered HR platforms
- Stage Focus: Seed, Series A, Series B, Series C, Growth
- Location: Menlo Park, California, USA
- Website: sequoiacap.com
2. Alkeon Capital
Growth-stage investor seeing HR infrastructure as critical business system being rebuilt with AI.
- Recent Deals: Ashby $50M Series D (July 2025, 2x valuation increase)
- LinkedIn: Alkeon Capital Management
- Sector Focus: AI-powered recruiting, talent acquisition, ATS platforms
- Stage Focus: Series C, Series D, Late Stage
- Location: New York, New York, USA
- Website: alkeon.com
3. General Catalyst
Led one of the largest Series A rounds in HR SaaS history with Awardco.
- Recent Deals: Awardco $65M Series A (2021), Awardco $165M Series B participation (May 2025)
- LinkedIn: General Catalyst
- Sector Focus: Employee engagement, recognition and rewards, people analytics
- Stage Focus: Seed, Series A, Series B, Growth
- Location: Cambridge, Massachusetts, USA
- Website: generalcatalyst.com
4. Workday Ventures
Corporate VC with obvious strategic interest in HR ecosystem expansion.
- Recent Deals: Censia, Glean, Nayya, Sana ($140M raised), TechWolf, Paradox ($250M+ raised), Laurel $100M Series C (2025)
- LinkedIn: Workday Ventures
- Sector Focus: AI for HR, talent intelligence, benefits platforms, skills infrastructure
- Stage Focus: Series A, Series B, Series C
- Location: San Francisco, California, USA
- Website: ventures.workday.com
5. Founders Fund
Peter Thiel's firm made their largest single check ever for Rippling.
- Recent Deals: Rippling $310M commitment in Series F (April 2024), follow-on in Series G (May 2025)
- LinkedIn: Founders Fund
- Sector Focus: Workforce management, HR infrastructure, payroll, benefits
- Stage Focus: Series A, Series B, Growth, Late Stage
- Location: San Francisco, California, USA
- Website: foundersfund.com
6. Y Combinator
Backed Rippling from day one and now uses it for their own operations.
- Recent Deals: Rippling (W17 batch), multiple follow-on rounds, now a customer
- LinkedIn: Y Combinator
- Sector Focus: HR SaaS, recruiting platforms, employee management, workforce tools
- Stage Focus: Pre-seed, Seed, Series A (follow-on)
- Location: Mountain View, California, USA
- Website: ycombinator.com
7. Coatue
Tech-focused growth investor leading late-stage HR tech rounds.
- Recent Deals: Rippling $200M Series F at $13.5B valuation (April 2024)
- LinkedIn: Coatue
- Sector Focus: Enterprise HR platforms, workforce management, AI infrastructure
- Stage Focus: Series C, Series D, Growth, Late Stage
- Location: New York, New York, USA
- Website: coatue.com
8. Sixth Street Growth
Mid and late-stage investor focused on capital-efficient SaaS companies.
- Recent Deals: Awardco $165M Series B co-lead (May 2025)
- LinkedIn: Sixth Street
- Sector Focus: Employee recognition, engagement platforms, HR SaaS
- Stage Focus: Series B, Series C, Growth
- Location: San Francisco, California, USA
- Website: sixthstreet.com
9. Spectrum Equity
Growth equity firm with deep SaaS expertise across verticals.
- Recent Deals: Awardco $165M Series B co-lead (May 2025)
- LinkedIn: Spectrum Equity
- Sector Focus: HR software, employee experience, workforce platforms
- Stage Focus: Series B, Series C, Growth
- Location: Boston, Massachusetts, USA
- Website: spectrumequity.com
10. Sapphire Ventures
Former SAP VC arm with extensive enterprise software networks.
- Recent Deals: Paradox $250M+ total funding before Workday acquisition (2025)
- LinkedIn: Sapphire Ventures
- Sector Focus: AI recruiting, conversational AI for HR, talent automation
- Stage Focus: Series B, Series C, Growth
- Location: Menlo Park, California, USA
- Website: sapphireventures.com
11. Menlo Ventures
Early-stage to growth investor with successful HR tech exits.
- Recent Deals: Sana $140M total raised before $1.1B Workday acquisition (2024-2025)
- LinkedIn: Menlo Ventures
- Sector Focus: AI knowledge platforms for HR, enterprise learning, people tech
- Stage Focus: Seed, Series A, Series B, Growth
- Location: Menlo Park, California, USA
- Website: menlovc.com
12. Bessemer Venture Partners
Century-old firm active in HR AI and employee experience platforms.
- Recent Deals: Leena AI, Hibob, multiple cloud HR platforms, active in 2024-2025
- LinkedIn: Bessemer Venture Partners
- Sector Focus: AI assistants for HR, employee data platforms, HR automation
- Stage Focus: Seed, Series A, Series B
- Location: Redwood City, California, USA
- Website: bvp.com
13. NFX
Top-ranked seed investor focused on network effects businesses.
- Recent Deals: Multiple HR tech seed investments, consistently ranked #1-3 for HR tech seed stage
- LinkedIn: NFX
- Sector Focus: Future of work, talent marketplaces, recruiting networks
- Stage Focus: Pre-seed, Seed, Series A
- Location: San Francisco, California, USA
- Website: nfx.com
14. Counterpart Ventures
HR tech specialist fund with corporate VC network.
- Recent Deals: RemoFirst Seed and Series A (2023-2024)
- LinkedIn: Counterpart Ventures
- Sector Focus: Global employment, remote work platforms, HR infrastructure
- Stage Focus: Seed, Series A
- Location: San Francisco, California, USA
- Website: counterpart.ventures
15. Accel
Consistently one of most active VCs by deal count, including HR tech.
- Recent Deals: 31 deals in Q2 2025, multiple HR and workforce software investments
- LinkedIn: Accel
- Sector Focus: Enterprise SaaS, workforce platforms, recruiting tech
- Stage Focus: Seed, Series A, Series B, Series C
- Location: Palo Alto, California, USA
- Website: accel.com
16. Greylock Partners
Early-stage enterprise focus with successful HR exits.
- Recent Deals: Multiple workforce and talent acquisition platform investments
- LinkedIn: Greylock Partners
- Sector Focus: Future of work, HR platforms, employee data
- Stage Focus: Seed, Series A, Series B
- Location: Menlo Park, California, USA
- Website: greylock.com
17. Kleiner Perkins
Silicon Valley institution backing Rippling through growth stages.
- Recent Deals: Rippling multiple rounds from early to Series G (2025)
- LinkedIn: Kleiner Perkins
- Sector Focus: Enterprise SaaS, HR infrastructure, workforce management
- Stage Focus: Series A, Series B, Growth
- Location: Menlo Park, California, USA
- Website: kleinerperkins.com
18. Tiger Global Management
Aggressive growth investor in workforce software.
- Recent Deals: Multiple late-stage HR tech investments in 2024-2025
- LinkedIn: Tiger Global Management
- Sector Focus: Enterprise HR platforms, people operations, workforce analytics
- Stage Focus: Series C, Series D, Growth, Late Stage
- Location: New York, New York, USA
- Website: tigerglobal.com
19. Insight Partners
One of largest software growth investors globally.
- Recent Deals: Multiple workforce and talent management platforms in growth stages
- LinkedIn: Insight Partners
- Sector Focus: HR SaaS, talent platforms, employee engagement
- Stage Focus: Series C, Series D, Growth, Buyout
- Location: New York, New York, USA
- Website: insightpartners.com
20. GV (Google Ventures)
Strategic investor bringing Google's distribution and expertise.
- Recent Deals: Podium and other workplace communication platforms
- LinkedIn: GV
- Sector Focus: HR communications, workplace tools, employee engagement
- Stage Focus: Seed, Series A, Series B
- Location: Mountain View, California, USA
- Website: gv.com
21. Thoma Bravo
PE firm that backed Paradox before acquisition.
- Recent Deals: Paradox growth funding before Workday acquisition (2025)
- LinkedIn: Thoma Bravo
- Sector Focus: HR software, recruiting automation, enterprise platforms
- Stage Focus: Growth, Late Stage, Buyout
- Location: Chicago, Illinois, USA
- Website: thomabravo.com
22. Lachy Groom
Individual investor with exceptional pattern recognition in B2B SaaS.
- Recent Deals: Ashby Series C and D co-lead (2024-2025)
- LinkedIn: Lachy Groom
- Sector Focus: Enterprise software, recruiting platforms, HR tech
- Stage Focus: Series A, Series B, Series C, Series D
- Location: San Francisco, California, USA
- Website: lachygroom.com
23. F-Prime Capital
Healthcare and vertical SaaS investor backing HR platforms.
- Recent Deals: Ashby Series D (July 2025)
- LinkedIn: F-Prime Capital
- Sector Focus: Vertical SaaS including HR, healthcare workforce
- Stage Focus: Series A, Series B, Series C, Series D
- Location: Boston, Massachusetts, USA
- Website: fprimecapital.com
24. Elad Gil
Super angel and growth investor in high-growth enterprise.
- Recent Deals: Ashby Series C and D (2024-2025)
- LinkedIn: Elad Gil
- Sector Focus: Enterprise platforms, AI applications, HR infrastructure
- Stage Focus: Series A, Series B, Series C, Growth
- Location: San Francisco, California, USA
- Website: eladgil.com
25. SV Angel
Seed-stage firm in Rippling and dozens of workforce startups.
- Recent Deals: Rippling early rounds, multiple seed investments in HR platforms
- LinkedIn: SV Angel
- Sector Focus: HR SaaS, workforce tools, recruiting platforms
- Stage Focus: Seed, Series A
- Location: San Francisco, California, USA
- Website: svangel.com
Track your investor outreach properly
These 25 investors closed deals from 2023 to November 2025. Before you start reaching out, set up proper tracking.
Upload your deck to Ellty and create a unique link for each investor. You'll see exactly which slides they view and how long they spend on your financials. Most founders are surprised to learn investors skip their market size slides but spend 5+ minutes on unit economics.
When investors ask for more materials, share an Ellty data room instead of messy email threads. Your cap table, financial model, and contracts in one secure place with view analytics.
Common questions
How do I know if an investor is still active? Check their recent deals on Crunchbase in the last 12 months. If they haven't led a round in your stage for 18+ months, they're probably not deploying. Also look at their fund vintage—if they raised their last fund 4+ years ago, they're likely in harvest mode.
Should I cold email investors or get introductions? Warm intros convert at 10x the rate in HR tech. Message portfolio founders on LinkedIn—most are helpful if you're direct. Cold emails can work for seed-stage but Series A+ almost always requires intros.
What's the difference between seed and Series A investors? Seed investors bet on team and market. Series A investors need to see product-market fit with retention data. Don't pitch Series A investors until you have 100+ customers and sub-5% monthly churn. They won't tell you this directly but they'll pass.
How many investors should I reach out to? For seed, talk to 30-50. For Series A, 20-30 makes sense. Series B+ you're likely doing 10-15 conversations max. Quality matters more than quantity once you have traction.
When should I set up a data room? As soon as you start taking first meetings. It speeds up diligence and shows you're prepared. Use Ellty to track which documents investors actually review—often they skip the stuff you spent weeks preparing.
Do investors actually care about pitch deck analytics? Yes. When you can tell them "you spent 4 minutes on slide 7 but skipped slide 12" in follow-ups, it changes the conversation. You're responding to what they actually cared about, not what you think they should care about.
