Polish private equity investor Enterprise Investors has invested €3m of expansion capital in Romanian human resources outsourcing company Smartree. The deal marks the first Romanian investment from the investor's fund, Enterprise Venture Fund I (EVF I). EVF I will become a 56% stakeholder of Smartree Romania.
The funds will be used by Smartree to finance a new line of business - personnel outsourcing - as well as the further growth of payroll and software outsourcing. It plans to expand its business significantly within the next five years by consistently growing its customer base and providing a broader scale of services to existing clients.
Enterprise Investors believes that the Romanian HR outsourcing market is expected to grow fast within the next few years from its current very early stage of development.
