Chilean HR Tech startup Rankmi has announced that it has closed a Series A funding round led by Softbank Latin America Fund, marking Rankmi's first round of institutional capital. The funding round will be combined with a merger between Rankmi and the Mexican platform Osmos. Both transactions valued at USD $48M.
Rankmi, which was founded in 2015, specializes in automating human capital management processes for companies across the region. The startup has operations in Brazil, Peru, Colombia, and Mexico, and serves close to 1.4 million users and 1,500 clients in the region. The company's platform is used by well-known brands such as Falabella, El Palacio de Hierro, Itaú, Collahuasi, Krispy Kreme, Hooters, 7-Eleven, Komatsu, and Santander.
The merger with Osmos is intended to accelerate Rankmi's growth, especially in Mexico, and the development of its product. The two firms will operate under the new entity, Rankmi Company, with the brand continuing to be Rankmi, and the Osmos brand being used for a while, as it has greater brand recognition in Mexico and targets the SMEs segment.
Following the transaction, the startup seeks to grow at a double-digit rate by 2023. Rankmi's co-founder and CEO, Enrique Besa, stated that they had achieved this milestone last year and aim to continue scaling in the Mexican market.
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