German human resources software company, Personio, has managed to raise $125 million in funds from investors in a Series D funding. The technology startup is now a unicorn at a valuation of $1.7 billion.
The Munich-based startup’s platform covers recruitment, onboarding, payroll, absence tracking and other important HR functions. Since it charges a per employee price, it is affordable for small and mid-sized firms, allowing them the option of paying as their teams grow or expand.
With the fresh funds, the Munich-based startup will be able to take forward its plans to expand further. It already has presence in Austria, Switzerland, Spain, the UK, Ireland, the Nordic countries and Benelux. Now it is gearing to enter France and Italy soon. It will also double its 500-strong global team, by hiring about 500 more employees by the end of the year, in London, Dublin, Munich and Madrid.
In 2020, Personio was able to double its revenues at a time when most companies were reeling under an economic slowdown induced by the pandemic. The Company now caters to about 3,000 organisations.
Other than its current investors, Lightspeed Venture Partners, Global Founders Capital, Northzone and Picus, this latest funding round saw participation from Meritech, which is known to support SaaS firms with potential.
The startup is the second one in Germany, after Sennder, the freight company, to be valued at over a billion dollars.