Munich-based Personio, an HR software for small and medium-sized businesses, has secured a $75 million Series C round led by Accel. The round was also supported by Lightspeed Venture Partners, Lars Dalgaard, and previous investors such as Index Ventures, Northzone, Global Founders Capital, and Picus Capital.
The Bavarian startup has developed a cloud-based software that helps small and medium-sized businesses manage their people operations, such as recruiting, payroll, and other personnel administration. Used by almost 2,000 customers in more than 40 countries, the software continues to expand into more European markets.
The German company reports its sales have almost tripled in the past year, while the number of employees has more than doubled to over 350. The company is set to reach 700 employees by the end of 2020.
Harry Nelis, Accel partner and newest member of the Personio board, explained: “While software entrepreneurs have traditionally overlooked developing solutions for SMEs, Personio has recognised this large and growing market of customers hungry for better solutions for their businesses. With millions of SMEs looking for improved human resource and recruitment management, Personio will lead the way.”
Investors were hungry, too; high demand meant the company’s Series C came sooner than expected. Co-founder and CEO Hanno Renner commented: “This preemptive funding comes earlier than we had anticipated. Such strong interest and support from the market demonstrates not only the value of Personio’s offer, but also the huge potential the business has for further development and growth in the future.”
With this Series C, the company has raised nearly $130 million since its launch in 2015.