The HR and recruiting platform from Germany, Personio, has raised $40 million in a Series B round. The round was led by the London and San Francisco-based venture capital firm Index Ventures, with participation of existing investors Northzone and Global Founders Capital.
The startup intends to use the funds to become “Europe’s leading provider of human resources software for small and medium-sized companies (SMEs)”.
Personio is a cloud-based HR-management and recruiting platform allowing businesses to digitize their HR processes. With more than 1,000 clients all over the world, Personio covers the whole employee lifecycle from recruiting and onboarding to personal development.
The solution is designed for companies with 10 to 2,000 employees, helping them create value rather than spending time cutting through red tape.
Hanno Renner, co-founder and CEO of Personio, explained in the press release: “This investment further enables us to execute on our strategy and lets Personio stay on its steep growth trajectory. I am excited about the positive impact Personio has on the work lives of thousands of HR managers and their employees every day. We will use the resources to invest into building the best product for current and future customers. In 2019, we will expand into new European markets. Our international team, which doubled in the last 12 months to 150 employees from 27 different countries, will continue to significantly grow in all functions.”
Index Venture investing in Personio shows and unbelievable sign of strength. The venture capital firm helps to turn the most ambitious entrepreneurial ideas into reality. Further Index-backed companies include Dropbox, Zendesk, Adyen, Deliveroo, Elastic, Funding Circle and Slack.
With market potential of 1.7 million SMEs in Europe (Eurostat, 2017), Personio aims to tackle the daily challenges in the HR and recruiting industry, helping SMEs on their way to digitization.