Munich-based HR software startup Personio has raised a Series E funding of €233.4 MN, valuing the company at €5.45 BN. The Series E funding has added to significant reserves from Personio’s last funding round in January 2021, bringing the total capital raised to over €432 MN. The funding round was led by Greenoaks Capital Partners, with participation from Altimeter Capital and Alkeon.
Hanno Renner, Co-founder and CEO Personio, said: “This investment highlights the continued fast growth of the business and the immense market potential, but also the belief in our vision for the future of HR tech. While I consider this funding a major milestone, we are still at the very beginning of our journey. “
With the latest funding, Personio also announced a software category called People Workflow Automation, which would transform manual and fragmented people processes into automated workflows that span across the entire organisation, removing the painful delays and helping to realise opportunities. The fresh capital will allow Personio to evolve its product to lead the People Workflow Automation category and continue to execute its long-term oriented strategy, focused on the needs of its customers.
“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”, added Hanno Renner.
Businesses of all sizes have gone headlong to digitise, in reaction to the pandemic, with SMEs now using an average of 40+ applications, many of which consume HR data or relate to people processes.
Neil Mehta, Founder and Managing Partner of Greenoaks, commented: “We are lucky to be partners with many of the leading private technology companies in the world, and I am confident that the Personio team is just getting started on their mission. Launching the People Workflow Automation category will deliver even more value to businesses across Europe.”