Germany-based HR software platform provider Personio has raised $75 million in its Series C funding round. The round was led by Accel. It also saw the participation of Lightspeed Venture Partners and Lars Dalgaard. Index Ventures, Northzone, Picus Capital and Global Founders Capital were amongst the existing investors who participated.
The round of funding brought the total funding raised by the company to $130 million. The company was launched in 2015 and its valuation after the latest round has jumped to $500 million.
The fresh injection of funding will help the company support its expansion into the UK and Ireland. The expansion will also see Personio set up a new office in London to serve the clients in the region. Harry Nelis, Accel Partner is joining the Personio board with the closing of the Series C.
The startup’s cloud-based software helps SMEs handle and manage their operations including payroll, personnel administration and recruiting. The platform is used by over 2,000 customers in over 40 countries. Currently, its usage is growing in the European markets.
Hanno Renner, Co-Founder and CEO of Personio 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.”