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Remote Work (Tools)
Jun 22
Personio raises EUR 190 million in funding; reaches EUR 8 billion valuation
Funding
- Personio, an SME-focused HR management platform, has raised EUR 190.4 million (~USD 200 million) in a Series E extension round led by Greenoaks Capital Partners with participation from a group of unnamed investors. The round brings Personio’s total Series E funding to EUR 446 million (~USD 470 million) and valuation to EUR 8 billion (~USD 8.5 billion), from a valuation of EUR 5.5 billion (~USD 6.3 billion) at the time of its EUR 234 million (~USD 270 million) Series E funding round in October 2021 .
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The fresh funds will be used to expand its customer base (currently consists of ~6,000 companies covering 500,000 employees) and develop new platform features, including new automation tools for internal business operations. The funds are also expected to support other growth initiatives and new acquisitions.
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Notably, despite recording a 30% growth in its valuation since October 2021, Personio’s revenue grew by 2x over the same period.
- Analyst QuickTake: With the fresh funding in the bank, Personio can be expected to make more acquisitions similar to its acquisition of the Berlin-based employee experience automation startup “Back” in May 2022 , which was in line with its focus on automating operational HR tasks to enable HR teams to concentrate more on strategic tasks.
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