HR platform Personio raises $125 million
German HR platform Personio announced it has raised $125 million in a Series D investment round that values the company at $1.7 billion. The funding was led by existing investor Index Ventures, with Accel, Lightspeed Venture Partners, Northzone, Global Founders Capital, and Picus, Meritech as participants. The latest funding comes twelve months after the business received $75 million of Series C funding, in a round led by Accel, and brings Personio’s total investment figure to over $250 million.
Personio offers an all-in-one HR software for small- and medium-sized companies with 10 to 2,000 employees. Its software includes human resources, recruiting, and payroll and supports all core HR processes.
According to the company, the platform is used by over 3,000 SMEs across Europe.
The new capital will enable Personio to increase its expansion across Europe and focus on the further development of its cloud-based software.
“While the past year has proven difficult for many industries and businesses, it has at the same time accelerated the digitization of small and mid-sized businesses. It has also showcased the important role of HR teams, especially while so many of us continue to work remotely. We are grateful for a strong year in which we could grow to serve over 3,000 European SMEs. By further expanding our platform, we’ll continue to support our customers in tackling their current challenges and beyond. This preemptive investment comes earlier than we had anticipated, as we’re still well funded from our previous round in January 2020. Such strong interest and support from our investors demonstrates not only the value of Personio’s offering, but also the huge potential the business has for further development and growth in the future. We are only scratching the surface of the market potential.” – Personio co-founder and CEO Hanno Renner.
“We have had the pleasure of working with some of the most successful SaaS companies in the world, and given Personio’s success over the past five years and the immense market potential, we strongly believe in Personio’s ability to build an equally successful and impactful business. After many great discussions with Hanno over recent years, we are now excited to be joining the journey.” – General Partner at Meritech Capital and Personio’s newest Board Member, Alex Clayton.