Personio secures $270m Series E funding to expand HR platform
Personio, a European HR software company for small and mid-sized businesses, have announced People Workflow Automation, a new category of software.
SMEs will now be able to transform manual and fragmented people processes into automated workflows that span across the entire organization and all its applications, removing painful delays and helping to realize opportunities.
Tied to its vision for the new category, Personio has raised pre-emptive Series E funding of $270m, valuing the company at $6.3bn.
The Series E funding adds to significant reserves from Personio’s last funding round in January 2021, bringing the total capital raised to over $500m. The investment allows 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.
The latest funding round was led by Greenoaks Capital Partners, with participation from Altimeter Capital and Alkeon. These three funds are united by their strategy of investing in category-leading companies across their public and private journeys, for the long term. Their portfolios include many notable software companies such as UiPath, Hubspot, Stripe and Snowflake. Personio’s existing investors – Index Ventures, Accel, Meritech, Lightspeed, Northzone and Global Founders Capital – all also invested again, underlining the strength of Personio’s vision and its strong growth trajectory.
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. 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.”
Neil Mehta, Founder and Managing Partner of Greenoaks, said: “While small businesses are the backbone of the European economy, they have been underserved and overlooked by legacy players for too long. Personio democratizes enterprise capabilities and delivers a step change in productivity, simplifying HR workflows across the full employee lifecycle.
“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. We are proud to join Personio at this thrilling stage of their journey and look forward to being partners for many years to come.”