Munich: Munich-based Personio, the all-in-one HR platform, today announces approx. €103.5 million of new and preemptive Series D funding in an investment round that values the business at around €1.4 billion.
The new funding will accelerate further the scaleup’s international expansion, supporting its ambition of becoming Europe’s leading HR platform for SMEs. It follows a strong year of growth for the business in 2020, which saw it double revenues despite adverse market conditions.
Founded in 2015, Personio offers an all-in-one HR software for small- and medium-sized companies with 10 to 2,000 employees. Its mission is to make HR processes as transparent and efficient as possible so human resources team members can focus on the most valuable assets in the company: the people. Personio’s software includes human resources, recruiting, and payroll and supports all core HR processes every business needs to do. Personio is already helping more than 3,000 SMEs across Europe unlock their productive potential by digitizing and automating their people operations.
The new capital will enable Personio to increase its expansion across Europe and focus on the further development of its cloud-based software, as it builds Europe’s leading HR operating system for recruiting, personnel administration, and payroll for small and medium-sized companies.
Personio’s plans for the coming year include further enhancing the product’s core capabilities, launching the Personio Marketplace with new integrations in Q1, continuing fast growth across Germany, Austria, and Switzerland, and doubling down its investments in markets that the business entered in 2020 such as Spain, the UK, and Ireland, the Nordics, and Benelux. In 2021 it will also enter new markets, including France and Italy. In addition, it plans to double its international headcount from 500 to 1000 by the end of 2021, across its four offices in Munich (HQ), Madrid, London, and Dublin, where its new international sales and engineering hub has been established.
Hanno Renner, co-founder and CEO of Personio commented: “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.”
The latest valuation places Personio among the most valuable private software companies in Europe as it joins the likes of UiPath, Revolut, Deliveroo or Klarna in the ranks of European startups with a valuation of more than $1 billion – the ‘unicorns’.