Munich-based HR software for SME’s Personio has added $200 million via Greenoaks Capital to an already impressive initial $270 million Series E round announced in October of last year. At the time, the company was valued at $6.3 billion, today, $8.5 billion.
The almost doubling of capital (what’s $70 mil between friends?) will be used to further propel the company’s People Workflow Automation, a service launched in conjunction with the initial Series E round. Clearly, Greenoaks isn't joking around with their commitment to Personio.
Most recently, the HR technicians announced the acquisition of Berlin-based employee experience specialist Back, a deal that funnels the latter’s expertise into Personio’s People Workflow Automation.
Founded in 2015, Personio now counts some 6,000 customers ranging from Spendesk and ABOUT YOU, to established mid-market players such as Engel & Völkers, and NGOs and public sector organisations such as Viva Con Agua and the Diana Award. In so much, the company estimates well over 500,000 employees benefit from the services they have on offer.
“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,” commented Personio co-founder and CEO Hanno Renner. “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.”
As mentioned above, Personio's $200 million Series E extension was provided solely by existing investor Greenoaks Capital Partners. Participants in the initial $270 million Series E round include Accel, Lightspeed Venture Partners, Index Ventures, Global Founders Capital, Meritech Capital Partners, Northzone, Altimeter Capital, and Alkeon Capital.
“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,” concluded Greenoaks Capital’s Neil Mehta.