Personio, a Hamburg-based human resources management software, has secured €75 million in Series D funding. Index Ventures led the round, bringing Personio’s total funding to €125 million. This latest investment is the largest venture capital round of 2020 for the enterprise software space in Europe.
The funding will expand Personio’s product offerings and grow its team. Founded in 2015, Personio offers cloud-based HR software solutions for mid-market companies with 50 – 1000 employees across Europe. The company provides all the HR basics employers need – from Applicant Tracking Systems to Onboarding and Payroll – on one platform and drives employee engagement through Employee Experience solutions.
Personio also recently acquired London IT service provider ZenDesk, expanding their range of services to include IT support specifically designed for SMEs. The merger is part of their plan to improve customer experience with services tailored to small businesses’ needs and offer a range of features beyond basic HR functions.
The additional funding will provide the necessary resources for Personio to expand its product offering and reach even more employers looking to streamline their operations in Europe and beyond.
German HR and recruiting platform Personio raises $40M Series B led by Index
Personio is a German HR and recruiting platform recently raising $40M Series B led by Index. Personio was founded by Hanno Renner and Roman Schiefer in 2015, and has since become one of the leading HR and recruiting platforms in Europe.
The platform combines a wide range of HR and recruiting software, covering all stages of the employee lifecycle, into one easy-to-use all-in-one solution. With this new funding, Personio plans to expand its product offerings and grow its team.
What is Personio?
Personio is a HR, recruitment, and payroll software platform designed to help growing companies streamline their HR processes. It’s a cloud-based unified platform that allows its users to manage their entire employee lifecycle more efficiently. The technology enables users to easily keep track of employee data, organize onboarding processes, manage time off requests and absences, handle paychecks and payroll taxes, communicate with teams scattered across the globe, and more. Personio’s features are designed to save businesses time and money so they can focus on what truly matters – building relationships with their team.
Personio was founded in 2015 by three Technical University of Munich students. Since then it has grown rapidly into one of Europe’s leading HR tech startups used by thousands of customers in over 50 countries worldwide. The company has recently landed €75 million in Series C funding which will be used to expand its product offerings and grow its team. Personio is now ready to become a global HR technology player while maintaining a strong focus on innovation and customer satisfaction.
What services does Personio provide?
Personio is a Human Resources (HR) platform for mid-sized companies that helps managers in recruiting, onboarding and employee management. Personio’s technology automates several administrative tasks associated with an HR workflow including applicant tracking, document management and job postings.
It also offers additional services such as payroll integration and absence management. It also has a cloud-based applicant tracking system that helps companies efficiently manage the entire recruitment process while streamlining workflow across teams, departments and locations.
Personio also provides in-depth analytics to gain visibility over current hiring trends which can be used to budget more accurately. Furthermore, its configurable tools enable seamless integration between the platform and existing systems such as emails, calendars and databases.
Personio’s Recent Funding
German HR and recruiting platform Personio has successfully raised a $40M Series B round of funding led by Index. This is a big step for Personio as they aim to expand their product offerings and grow their team. The new funding will provide a huge platform for the growth and development of Personio.
Let us look at how this new funding will impact Personio.
Amount of funding
In October 2020, Personio, a European HR software company based in Munich, secured €75 million (USD$90 million) in Series C financing, led by Tiger Global Management. The funding brings the company’s total investment to €130 million (US$158 million), placing its current valuation at €735 million (US$894.4 million).
The new funds will be used to expand Personio’s suite of human resources tools and grow its team of over 250 employees across six offices. After experiencing unprecedented growth during the COVID-19 pandemic—closing over 400 deals with customers around the globe—Personio is now looking ahead to the future of a digital workforce and its impact on building better workplaces for both employees and employers.
Lead investor
Lead investor in Personio’s recent round of funding was Accel, a global venture capital firm with offices in London, New Delhi and Silicon Valley. This investment was the first and largest fund from Accel for a German human resource software company and brings the total financing amount of Personio’s to €45 million.
This investment further strengthens the relationship between Personio and international investors as previous rounds had included international investors such as Balderton Capital, Grazia Equity, Picus Capital and Northzone. This latest fundraising round will help accelerate the firm’s growth plans by investing in its sales and customer success teams, expanding its recruitment tech stack capabilities for customers across Europe, North America and APAC.
Personio’s Future Plans
ON WEDNESDAY, German HR and recruiting platform Personio announced that it has raised $40 million in a Series B round led by Index Ventures.
Personio plans to use this funding to expand its product offerings and grow its team to support its rapid expansion. This round of funding also sets the stage for Personio’s next stage of growth, which is an exciting prospect for the HR and recruiting platform.
Expansion of product offerings
Personio, a unified HR, payroll and applicant tracking solution, is using its recently announced $48 million Series B funding to further expand its product and service portfolio. The company plans to extend the reach of its existing software’s reach and explore new products aimed at the larger enterprise segment.
At the moment, Personio’s suite of HR tools covers everything from recruitment, onboarding and employee management to payroll processing and analytics. The company intends to continue perfecting these core functions; however, they are also building out a more comprehensive offering with added applications such as payroll time tracking and leave management.
Personio is confident that these additional products will benefit larger companies with complex organizational structures that require automated solutions for managing various HR tasks. Additionally, the updated software will be integrated into several popular third-party platforms such as Microsoft Office 365 and Slack – creating opportunities for deeper collaboration across the organization.
Through continuous expansion of their product suite and improved integrations with other enterprise solutions, Personio is striving to become an all-in-one platform to meet the ever-growing needs of small and large customers.
Growth of team
Personio plans to use their latest funding round to grow and expand their team significantly, both in quantity and quality. In addition, the team will be focused on developing new product offerings, expanding internationally, and ensuring the company’s customer success rate remains high.
The new funding will be used to hire qualified sales, customer service, engineering and marketing staff. In addition to hiring more personnel for existing departments, Personio will also look for technical expertise in forecasting and automation that are essential for keeping the company competitive.
Personio is confident that this expansion of its team will ensure growth in the customer base while enabling it to move into new markets quickly and efficiently. Additionally, with a larger team onboard, Personio expects this expansion of product offerings, awareness campaigns and international outreach efforts to bring greater clarity on the size of opportunities worldwide.
Conclusion
The new round of funding will provide Personio with capital to expand its services and grow its team. This can significantly enhance the capabilities of the company’s product offerings, better helping small and medium-sized businesses manage their workforces.
Personio has become one of the leading HR automation providers in Europe. With the new funds, business leaders can look forward to new opportunities for efficiency and innovation when managing their people processes. By expanding its range of features and team, Personio is well-positioned to resolve more problems faster, more accurately and at a greater scale than ever before.