22. June 2022
Series E Extension: $200M and an $8.5B Valuation To Further Enable Better Organisations
Breaking news: We just announced our second Series E round, adding $200 million to the initial funding raised back in October of last year!
This brings Personio’s total capital raised through our Series E to $470 million, leading to a valuation of $8.5 billion. But, let’s talk a bit more about what that means for our customers…
Turbocharging People Workflow Automation
Maybe you have heard about People Workflow Automation before. In short, it’s designed to unlock the productive potential of European SMEs, by turning manual and cumbersome processes into automated workflows that get all your apps ‘talking’.
Our latest round of funding will help us continue to make our vision for the future of HR software a reality. That way, your organisation never misses out on their next great hire, getting the best out of your team or keeping your most important data secure.
Hanno Renner, Personio’s CEO and Co-Founder, puts it best:
“Our customers are the reason we exist and creating value for them is our first priority. We decided to raise the additional capital because we saw so many more ways to invest in our product that will increase the value we can provide.
He continued: “Those expansions will all be embedded into People Workflow Automation, which allows customers to automate workflows based on events in the employee life cycle, from promotions and location changes to holiday requests.”
Right now, our customers can now use over 100 integrated apps and APIs as well as new workflow automation and monitoring capabilities. This will significantly reduce the administrative work that goes into areas like hiring, data analysis and time tracking.
Together these features will improve operations across the employee life cycle and allow HR teams to focus on more strategic tasks, reducing costs and helping to create efficient businesses.
Personio’s Series E Extension: Explained
How much capital is Personio receiving?
A second closing of our Series E round totalling an additional $200 million. This gives Personio a valuation of $8.5 billion.
Who participated in this round of financing?
Existing investor Greenoaks led this round, demonstrating their further support of our own ambition to digitise people processes for small and mid-sized businesses across Europe.
What will happen with the raised capital?
The funds will turbocharge the development of People Workflow Automation, Personio’s vision to automate people processes across an organisation’s multiple departments and tools.
We’re About to Maximise Your Employee Experience
At our very own H.U.G Digital 2022, Personio announced the acquisition of Back, an employee experience solution that automates key people processes.
As part of Personio, Back’s team now brings significant experience in developing workflows across multiple fragmented systems, along with a mastery of ticketing and knowledge management service to boost the efficiency of HR teams.
A Look At The Road Ahead
Over 6,000 companies with more than 500,000 employees have automated their people processes with Personio. This round of funding will help us continue to serve customers, help new ones and build a product that optimises every stage of the employee life cycle.
This is especially critical in times of uncertainty. Personio can help add value by automating processes, centralising data and driving efficiency across organisations. Personio gives teams the fundamentals they need to succeed in any context.
Finally, let’s turn to Neil Mehta, Founder and Managing Partner of Greenoaks Capital, for his take:
“Personio’s product has become an indispensable tool for Europe’s small and medium-sized businesses as they’ve bounced back from the challenges of the pandemic.”
He continued: “As SMEs face the possibility of economic uncertainty ahead, Personio is a more critical platform than ever, helping customers make their HR and payroll processes more efficient and resilient while delighting employees and employers alike.”
As the People Operating System for small and medium-sized companies with 10 to 2,000 employees, this latest round is a testament to our commitment to helping SMEs find time to make time for what matters – their employees.