Valued at $1.7bn, the company intends to use the new capital to foray into France, Italy, and other markets
Personio, a Germany-based human resources (HR) software provider, has raised $125m in a Series D funding round at a valuation of $1.7bn.
The funding round was led by led by existing investor Index Ventures. Other existing investors of the German firm, which include Accel, Northzone, Global Founders Capital, Lightspeed Venture Partners, and Picus, also took part in the Series D round.
Meritech Capital made its first investment in Personio through the funding round.
Personio caters to small- and medium-sized companies (SMEs) with its all-in-one HR software. The company’s cloud-based software, which includes human resources, recruiting, and payroll, is said to support all the main HR processes needed by businesses.
The HR software provider claims to serve over 3,000 SMEs across Europe through its offices located across Munich, Madrid, London, and Dublin.
Index Ventures partner Martin Mignot said: “SMEs are the backbone of the European economy, employing 100 million people across the continent, but it is also a sector that has been neglected by software companies focused predominantly on large enterprises. Personio changes that, having created a set of powerful tools tailored to address the needs of small businesses.”
Personio intends to use the new funding to fast track its further global expansion to support its goal of becoming one of the top HR platforms for SMEs in Europe.
For the current year, the German HR software firm plans to foray into France, Italy, and other markets.
The company is planning to launch the Personio Marketplace with new integrations in Q1 2021 for enabling customers to automate workflows across Slack, Microsoft Teams, and other HR-related software tools.
The Series D funding takes the total investment secured by the company to more than $250m. In its Series C round that took place a year ago, the company raised $75m with Accel being the leading investor.
Personio co-founder and CEO Hanno Renner said: “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.”