HR tech firm Personio ropes in $270 million in latest financing round

Personio, a HR software provider targeting small and medium sized businesses, has attained a $270 million investment in the wake of high demand for its services.

With the latest Series E round of funding, Personio's valuation roses to $6.3 billion, making it the topmost valued startup in the HR domain at present in Europe.

The funding was headed by Greenoaks Capital Partners, with participation from new investors Alkeon and Altimeter Capital.

Previous supporters like Index Ventures, Meritech, Lightspeed, Accel, Northzone and Global Founders Capital also participated in the round. Index and Meritech directed the company's previous round, which took place in January this year.

Although the earlier Series D round valued the firm at a $1.7 billion valuation, it means that the figure has grown by 3.7x in the last ten months, an example of how Personio is growing over the month.

HR technology has come into the spotlight in the last 20 months owing to the COVID-19 pandemic, as the disease has severely changed how people are managed in the organization.

Personio now delivers an all-in-one platform for European SMEs that includes hiring and onboarding, payroll, absence monitoring, and other essential HR activities (typically for 10-2,000 employees).

It currently has 5,000 subscribers, up from 3,000 in January. While Personio will continue to extend its toolset, it will also focus on "people workflow automation," as CEO Hanno Renner defines it.

Essentially, this is about automating the process of completing HR-related work in other apps that may occur outside of Personio by automatically filling HR information and initiating activities inside other apps that would have taken considerably longer to do manually otherwise.

This might include drafting and issuing an employment contract or turning on or off access to specific applications when someone joins or quits a company.

Source Credit - https://techcrunch.com/2021/10/11/personio-an-hr-platform-for-smes-raises-270m-on-a-6-3b-valuation-expands-into-workflow-automation/