Marking itself as Europe’s leading HR SaaS company for SMEs, Personio has just closed its second Series E funding round, picking up an additional €190 million. Personio can now be regarded as one of the fastest-growing and most valuable software startups on a global level.
Based in Munich, Madrid, London, Dublin and Amsterdam, Personio is a startup making HR processes more transparent through the use of tech. The overarching aim, since it was founded in 2015, has been to allow HR teams to focus on what matters most – the people in a team.
HRtech is big business in 2022. Through abrupt changes over the past couple of years in terms of how we work and where we work, businesses around the world are under more pressure than ever before to meet employee demands, and Personio is helping make this happen. The company just picked up a mega €190 million gaining an €8 billion valuation. Existing investor Greenoaks led the round.
This new funding comes after an exciting year for the startup, full of impressive fast-paced growth, acquisitions and promising signs for the future. We chatted to founder, Roman Schumacher, earlier this year to find out more about the vision behind this incredibly exciting company. Getting the year off with a bang, Personio acquired Back a few months ago and supercharged its expansion across Europe. It also raised an immense €233.4 million in October of last year.
With businesses continuing to digitise in our ever digitally and data-driven world, HR teams have had to adapt. Personio is helping SMEs do this, enabling them to have the same workflow capabilities previously reserved for the bigger budget and resource pools held by enterprises.
The funds will turbocharge the development of People Workflow Automation, Personio’s vision to automate people processes across an organisation’s multiple departments and tools. Significant progress has been made to further develop an HR system that continues to provide business-enhancing efficiencies today while being engineered for the future. So far a billion data updates have been automated across Personio’s customer base already, replacing time-consuming manual tasks for customers.
Hanno Renner, Co-Founder and CEO of Personio commented: “Our customers are the reason we exist and creating value for them is our first priority. We decided to raise the additional capital because we saw so many more ways to invest in our product that will increase the value we can provide. 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.”
Customers can now use over 100 integrated apps and APIs as well as new workflow automation and monitoring capabilities developed by Personio to reduce manual effort in tasks such as hiring, data analysis and time tracking. Together these improve operations across the employee lifecycle and allow HR teams to focus on more strategic tasks, reducing costs and helping to create efficient businesses.
Neil Mehta, Founder and Managing Partner of Greenoaks Capital added: “Personio’s product has become an indispensable tool for Europe’s small and medium-sized businesses as they’ve bounced 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. We believe Personio is among the best SaaS companies in the world, with rapid growth, a sustainable business model, and exceptional leadership. We are thrilled to once again partner with Hanno and his team, and look forward to continuing our journey for many years to come.”
Personio reports that now over 6k companies with over 500k employees are automating people processes through Personio. The software has scope to grow even further with its commitment to continued development, and, the fact the software is relevant across markets. Businesses from a wide variety of sectors rely on the HRtech, including tech companies such as Spendesk and ABOUT YOU, established mid-market players like Engel & Völkers as well as NGOs and public sector organisations such as Viva Con Agua and the Diana Award. While Personio can serve customers with 10 to 2,000 employees, it sees the biggest growth coming from companies between 200 to 2,000 employees that value the system’s feature depth.
The sky really is the limit for this software company.