Personio, a developer of HR management and recruiting platform for SMEs and startups, announced that it raised pre-emptive Series E funding of $270M (approx €233.5M), valuing the company at $6.3B (approx €5.4B).
The latest funding round was led by Greenoaks Capital Partners, with participation from Altimeter Capital and Alkeon. Existing investors like Index Ventures, Accel, Meritech, Lightspeed, Northzone, and Global Founders Capital, also participated in the funding round.
The announcement comes ten months after the company secured €103.6M from Index Ventures and other existing investors. To date, the HR tech startup has raised $500M (approx €432M) in funding.
Hanno Renner, Co-founder and CEO of Personio, says, “While I consider this funding a major milestone, we are still at the very beginning of our journey. Now we want to help HR teams go beyond HR. Launching the People Workflow Automation category is a big step forward along this path, serving the most important asset of any business, its people. We are excited to see Europe’s SMEs thrive as they make use of this technology.”
The investment will allow Personio to develop its product to lead a new People Workflow Automation category and continue to execute its long-term-oriented strategy focused on the needs of its customers.
People Workflow Automation
The German company also announced the launch of People Workflow Automation, a new category of software, which transforms fragmented people processes into automated workflows across all applications of an organisation.
According to Personio, changes such as terminations, team changes, promotions, location changes, and sick leave requests happen frequently at any organisation.
The company’s solution can help streamline the process and avoid delays that lead to missed opportunities, while also freeing up time for HR teams, managers, and employees.
Together with the launch of the category, the company also released several new features that will allow its customers to benefit from workflow automation.
They include integration of collaboration platforms such as Slack and Microsoft Teams, as well as integrations with identity manager providers such as Okta or MS Azure Active Directory, and a Workflow Hub where HR teams can oversee status across all their workflows.
Greenoaks Capital
Based out of San Francisco, Greenoaks Capital is a global investment firm specializing in technology companies. The company says it is on a mission to identify those companies early in their life cycle and partner with them for decades.
Neil Mehta, Founder and Managing Partner of Greenoaks, says, “Personio democratises enterprise capabilities and delivers a step-change in productivity, simplifying HR workflows across the full employee lifecycle.”
“Launching the People Workflow Automation category will deliver even more value to businesses across Europe. We are proud to join Personio at this thrilling stage of their journey and look forward to being partners for many years to come,” he says.
Making HR processes transparent and efficient
Founded by Arseniy Vershinin, Hanno Renner, Ignaz Forstmeier, and Roman Schumacher, Personio offers cloud-based HR management and recruiting solutions and software for startups and small- and medium-sized enterprises.
The company enables its customers to store and manage all employee data and HR processes in one place, including vacation and sick days, approvals, salary, attendance, employee documents, performance, reporting, and employee on-boarding.
Headquartered in Munich, the company has offices in Madrid, London, Dublin, and Amsterdam. As of now, the company works with more than 5,000 customers across Europe.
