Personio raises $75 million
Personio , a provider of “holistic HR software” for small and medium-sized businesses, has raised $75 million in a Series C round which brings its total funding to ~$130 million. The round was led by Accel with participation from Lightspeed Venture Partners, Lars Dalgaard, the founder and former CEO of SuccessFactors, and previous investors Index Ventures, Northzone, Global Founders Capital, and Picus Capital.
Founded in 2015, the Munich-based startup has more than 2,000 customers in over 40 countries who use its software for HR tasks, recruiting and payroll. Sales have almost tripled in the past twelve months, while the number of employees has more than doubled to over 350. The company is set to reach 700 employees by the end of 2020.
“Adding Accel and Lightspeed Venture Partners, both highly experienced investors, to our list of supporters shows how much people believe in our product. This preemptive funding comes earlier than we had anticipated. Such strong interest and support from the market demonstrates not only the value of Personio’s offer, but also the huge potential the business has for further development and growth in the future.” – Hanno Renner, Cofounder and CEO of Personio.
“While software entrepreneurs have traditionally overlooked developing solutions for SMEs, Personio has recognized this large and growing market of customers hungry for better solutions for their businesses. With millions of SMEs looking for improved human resource and recruitment management, Personio will lead the way. As Personio’s highly-ambitious team moves into their next stage of growth, we are excited to be part of the journey.” – Harry Nelis, Partner at Accel.
“Having had the chance to meet and work with Hanno and his team over the past few months, it’s remarkable to see how they’ve built a fast growing company and a great product, both with relentless focus on the customer. The idea of Personio is as simple as it is promising because it solves a significant and complex problem for HR managers and companies alike. Having built HR software services for enterprises myself, I know the value and impact this can have on businesses. Working with Personio as they now bring that value to small and mid-sized companies across Europe is an exciting prospect, and I’m happy to be part of the team and support them on their mission.” – Lars Dalgaard, founder of SAP SuccessFactors.