The Munich startup Personio has successfully closed a Series A financing round of €10.5 million. The new investor is London, Stockholm and New York-based VC Northzone on board. With the investment, Personio aims to drive the further development of its eponymous SaaS product and build the leading HR management and recruiting platform for small and medium-sized businesses.
Northzone, an experienced investor who has previously invested in companies such as Spotify, Klarna, and Trustpilot, is convinced of the Munich-based company and is expanding its activities in the human resources technology sector with this investment. Existing investors Global Founders Capital and Picus Capital are also participating in the round. Hanno Renner, founder and CEO of Personio, says:
"I'm pleased that this investment provides us with a solid financial foundation for further growth. Our focus remains on further developing our product to provide the best possible solution to existing and future customers."
Over 400 customers already use the software solution "made in Munich." Personio now has almost 60 employees. Michael Kotting, Partner at VC Northzone says about the investment:
“With its innovative, all-in-one solution, Personio has revolutionized the HR market for small and medium-sized businesses. Many small and medium-sized businesses in this market, which has a global volume of over 14 billion, still work with outdated, manual systems that Personio can easily replace. We are very impressed with what Hanno and the Personio team have achieved since their launch in 2015. We are convinced that Personio has what it takes to become the market leader in its
segment of small and medium-sized enterprises.”
In the future, Personio also plans to offer additional services related to its HR operating system, which covers the areas of recruitment, management, and employee development. While most customers currently come from Germany, Austria, and Switzerland, expansion into other European countries is planned for the coming years.
"Personio's goal is to become the central platform for human resources management, bundling all digital HR processes, such as payroll or continuous 360-degree feedback, into a single solution. As a result, the software should enable HR managers to spend less time on administrative tasks, allowing them to focus on value-added HR work."
describes Hanno Renner in his outlook.
