Personio raises $270 million
Personio, “Europe’s leading HR software company for small and mid-sized businesses,” has raised $270 million in a Series E funding round, valuing the company at $6.3 billion. The round was led by Greenoaks Capital Partners, with participation from Altimeter Capital, Alkeon, Index Ventures, Accel, Meritech, Lightspeed, Northzone and Global Founders Capital.
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 5,000 customers.
“This investment highlights the continued fast growth of the business and the immense market potential, but also the belief in our vision for the future of HR tech. While I consider this funding a major milestone, we are still at the very beginning of our journey. Now we want to help HR teams go beyond HR. Launching the People Workflow Automation category is a big step forward along this path, serving the most important asset of any business, its people. We are excited to see Europe’s SMEs thrive as they make use of this technology.” – Hanno Renner, co-founder and CEO of Personio.
“While small businesses are the backbone of the European economy, they have been underserved and overlooked by legacy players for too long. Personio democratizes enterprise capabilities and delivers a step change in productivity, simplifying HR workflows across the full employee lifecycle. We are lucky to be partners with many of the leading private technology companies in the world, and I am confident that the Personio team is just getting started on their mission. Launching the People Workflow Automation category will deliver even more value to businesses across Europe. We are proud to join Personio at this thrilling stage of their journey and look forward to being partners for many years to come.” – Neil Mehta, founder and managing partner of Greenoaks.