Personio, which has a growing team in Dublin, is now one of the most valuable start-ups in Europe.
HR software company Personio is now valued at $8.5bn following the second closing of its Series E funding round.
Personio revealed today (22 June) that it has raised an additional $200m. After securing $270m late last year, this brings the total capital raised in its Series E to $470m.
It means that the Munich-headquartered company, which provides HR software to small and medium-sized businesses, is now one of the most valuable start-ups in Europe.
The latest funding round was led by existing investors Greenoaks Capital. The firm’s founder and managing partner, Neil Mehta, said that Personio’s product has become “an indispensable tool for Europe’s small and medium-sized businesses” as they bounce 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.”
Mehta added that he believes it is “among the best SaaS companies in the world”.
Personio announced its launch in Ireland and the UK in early 2020 following its $75m Series C funding round. It has been growing a team in Ireland since then and CEO Hanno Renner spoke to SiliconRepublic.com last August about its Irish hiring plans.
As well as its Dublin and Munich offices, the company has bases in Berlin, Madrid, Barcelona, London and Amsterdam.
It recently acquired Back, a Berlin-based company developing an employee experience platform that automates key people processes to boost efficiency.
Commenting on the latest funding, Renner said Personio decided to raise the additional capital to invest in product expansion.
“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.”
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