Munich-based startup Personio, a provider of holistic HR software for small and medium-sized businesses, has closed a €67.6 million Series C funding round to further its goal of becoming the top HR software used by SMEs and startups.
Personio, founded in 2015, is an all-in-one HR software for small- and medium-sized companies. With offices in Munich, Madrid and London, Personio’s mission is to make HR processes as transparent and efficient as possible so HR can focus on the most valuable assets in the company: the people. Personio’s solution includes human resources, recruiting and payroll and supports all core HR processes every business needs to do. More than 2,000 customers in over 40 countries use Personio, and in 2019, tech consultancy GP Bullhound included Personio in a list of 50 European startups set to achieve a billion-dollar ‘unicorn’ valuation over the next two years..
The new investment comes as Personio continues to grow strongly and expand into additional markets across Europe. Sales of Personio’s software 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.
With the additional capital, the Munich-based company will further develop its cloud-based software and continue its rise to become Europe’s leading HR operating system. The company continues to specialise in offering solutions for recruiting, personnel administration and payroll for small and medium-sized companies.
The funding round was led by Accel, the global venture capital firm founded in Silicon Valley, which has backed the likes of Slack and Facebook. Additional capital comes from Lightspeed Venture Partners, who have helped build many category defining companies such as Snap, AppDynamics and Mulesoft. In addition, Lars Dalgaard, founder and former CEO of SuccessFactors, joined the funding round, alongside previous investors Index Ventures, Northzone, Global Founders Capital, and Picus Capital.
Harry Nelis, Partner at Accel, and the newest member of the Personio board, commented: “While software entrepreneurs have traditionally overlooked developing solutions for SMEs, Personio has recognised 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.”
Lars Dalgaard, Founder of SAP SuccessFactors, commented: “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.”