to Optimize Its HR Solution and Boost Canadian SMBs’ Productivity Folks Announces $4.5M in Funding

With over 1,200 active SMB customers, Folks aims to increase this number significantly over the next five years. With a brand-new management team in place, and the strategic vision of its new CEO, Jimmy Plante, the company is committed to the quality and success of its product. Our goal is to become a major economic player and help increase the productivity of Canadian companies. Ultimately, Folks plans to manage over 250,000 employee files, demonstrating its commitment to meeting the market’s growing needs in terms of human resources management.

This investment not only supports job creation at Folks, but will also help in making the product a sustainable tool for reducing the impact of labour shortages in small and medium-sized businesses. By optimizing and automating numerous time-consuming administrative processes, Folks lightens organizations’ workloads, reduces the risk of error, and improves employee well-being and engagement by giving them more time for rewarding and stimulating tasks.

With its long-standing focus on company data security, Folks is increasingly becoming a no-brainer for SMBs looking to comply with current standards, such as Quebec’s Bill 25.

This announcement follows the arrival of Jimmy Plante as Folks’ new CEO, and reinforces his vision for the company’s future. Folks’ main goal is to prioritize information security, as demonstrated by our SOC 2 Type 1 Certification obtained at the end of 2023, and to offer flexible and powerful solutions to Canadian SMBs, like our new performance evaluation module.

“Thanks to its expertise and dedicated team, Folks has created an effective technological solution for human resources management that is adapted to the realities of SMBs. Supporting Folks fits perfectly with our commitment to supporting the growth of high-potential technology companies. As a bank dedicated exclusively to entrepreneurs, BDC aims to ensure that innovative SMBs like Folks have everything they need to develop and participate in economic growth.” – Pierre-Olivier Marcoux, Director, Growth Capital at BDC Capital

“This investment is aligned with Desjardins’ efforts to support businesses in their digital transformation. The solution developed by Folks provides a solution to the growing challenges of human resources management in SMBs. Digital transformation and process automation are powerful levers that help companies be competitive and resilient.” – Nathalie Bernard, Chief Operating Officer, Desjardins Capital

Founded in 2010, Folks is a Canadian technology company dedicated to creating human resources management solutions tailored to the needs of small and medium-sized businesses in Canada. From recruiting and onboarding to daily management of employee files, absence requests and performance management, Folks’ solutions centralize all your HR management processes.

BDC Capital is the investment division of BDC, Canada’s development bank. With over $6 billion under management, BDC Capital is a strategic partner to Canada’s most innovative companies. It offers a full range of capital for both seed and growth companies, as well as ownership transition solutions. BDC Capital supports Canadian entrepreneurs who want to make their mark on the world stage.

With 50 years of expertise, Desjardins Capital’s mission is to contribute to the prosperity of individuals and communities by investing in the growth of Quebec businesses. With assets under management of $3 billion as of December 31, 2023, Desjardins Capital contributes to the longevity of nearly 760 companies, cooperatives and funds in various sectors of activity from all regions of the province. In addition to contributing to socio-economic growth, productivity and the adoption of sustainable practices, this subsidiary of Desjardins Group offers entrepreneurs access to a broad business network, enabling them to be accompanied and supported in their projects.