Personio raises $200 million
Personio, the HR software company for small and mid-sized businesses, closed a $200 million Series E round, adding $200 million to the initial financing raised in October 2021. The new funding brings the total capital raised through its Series E to $470 million, valuing the company at $8.5 billion. Existing investor Greenoaks led the round.
Founded in 2015, the Munich-based company brings a range of services to one platform including recruiting and onboarding, payroll, absence tracking and other major HR functions. The The company targets European SMEs with 10-2,000 employees and it now has 6,000+ customers.
“Personio’s product has become an indispensable tool for Europe’s small and medium-sized businesses as they’ve bounced back from the challenges of the pandemic. As SMEs face the possibility of economic uncertainty ahead, Personio is a more critical platform than ever, helping customers make their HR and payroll processes more efficient and resilient while delighting employees and employers alike. We believe Personio is among the best SaaS companies in the world, with rapid growth, a sustainable business model, and exceptional leadership. We are thrilled to once again partner with Hanno and his team, and look forward to continuing our journey for many years to come.” – Neil Mehta, founder and managing partner of Greenoaks Capital.
“Our customers are the reason we exist and creating value for them is our first priority. We decided to raise the additional capital because we saw so many more ways to invest in our product that will increase the value we can provide. Those expansions will all be embedded into People Workflow Automation, which allows customers to automate workflows based on events in the employee lifecycle, from promotions and location changes to holiday requests. By continuing to focus on this strategy we expect to continue our strong growth trajectory and accelerate into 2022 and 2023, while providing customers with a great service that enhances the efficiency of their businesses.” – Hanno Renner, co-founder and CEO of Personio.