Personio raises $200 million to further grow its HR software business
Personio, which has a growing team in Dublin, is now one of Europe’s most valuable start-ups.
HR software company Personio is now valued at $8.5 billion following the second close of its Series E funding round.
Personio revealed today (June 22) that it has raised an additional $200 million. After securing $270 million at the end of last year, this brings the total capital raised in its Series E to $470 million.
This means the Munich-based company, which provides HR software to small and medium-sized businesses, is now one of Europe’s most valuable start-ups.
The latest funding round was led by existing investors Greenoaks Capital. The firm’s founder and managing partner, Neil Mehta, said Personio’s product has become “an indispensable tool for European small and medium-sized businesses” as they bounce back from the challenges of the pandemic.
“As SMBs face the possibility of future economic uncertainty, Personio is a more critical platform than ever, helping clients make their HR and payroll processes more efficient and resilient while delighting employees and employers.”
Mehta added that he thinks it’s “one of the best SaaS companies in the world.”
Personio has announced it will launch in Ireland and the UK in early 2020 following its $75 million Series C funding round. He has since grown a team in Ireland and CEO Hanno Renner spoke to SiliconRepublic.com last August about his Irish hiring plans.
In addition to its offices in Dublin and Munich, the company has bases in Berlin, Madrid, Barcelona, London and Amsterdam.
It recently acquired Back, a Berlin-based company that develops an employee experience platform that automates key people processes to increase efficiency.
Commenting on the latest funding, Renner said Personio decided to raise additional capital to invest in product expansion.
“These extensions will all be integrated with People Workflow Automation, which allows customers to automate workflows based on employee lifecycle events, from promotions and location changes to vacation requests.
“By continuing to focus on this strategy, we expect to continue our strong growth trajectory and accelerate in 2022 and 2023, while providing our customers with excellent service that improves the efficiency of their businesses.”
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