Human resources (HR) technology company Personio landed $125 million in new and preemptive Series D funding in an investment round that provides the company with a value of $1.7 billion, according to a Monday (Jan. 18) announcement.
The new funding will speed up additional international growth, helping with the company’s aim of “becoming Europe’s leading HR platform” for small- and medium-sized businesses (SMBs), according to the announcement.
“While the past year has proven difficult for many industries and businesses, it has at the same time accelerated the digitization of small- and mid-sized businesses,” Personio Co-Founder and CEO Hanno Renner said in the announcement. “It has also showcased the important role of HR teams, especially while so many of us continue to work remotely.”
Index Ventures headed up the newest funding, the announcement stated. Each of Personio’s other existing investors took part in the round, including Picus, Global Founders Capital, Northzone, Lightspeed Venture Partners and Accel. Meritech, which has invested in Software-as-a-Service (SaaS) firms, joined them as a co-lead investor.
Even though the funding allows for the potential of more acquisitions, the company said in the announcement that “there are currently no M&A activities planned and the focus remains on continued strong organic growth.”
Personio provides HR software for SMBs with between 10 and 2,000 staffers. Its software encompasses payroll, recruiting and HR. Currently, Personio is assisting over 3,000 SMBs throughout Europe in freeing up their potential by “digitizing and automating their people operations,” according to the announcement.
PYMNTS reported in January 2020 that Personio raised 67.6 million euros (approximately $81.5 million in today’s dollars) in a Series C funding round. The firm said it would put the funding to use to grow its market presence and foster automation in HR and payroll work. Accel headed up the round, which saw participation from many other investors.