Index Ventures leads funding round for German HR startup
In a series B investment round, German HR and recruitment platform Personio has managed to raise $40 million, with London-based Index Ventures leading the round.
The Mayfair-based venture capital firm, which also has an HQ in San Francisco, supports entrepreneurs focusing on e-commerce, fintech, mobility, gaming, infrastructure and security.
Personio was founded in 2015 and targets SMEs struggling with older platforms. Their SaaS technology allows companies with less than 2,000 employees to track and manage HR tasks.
It is especially useful for organisations working across more than one office, and in more than one country. It combines every core HR task in a single solution with recruitment options available on-top.
Their seed funding round achieved €2.1 million, while their series A reached $12 million.
This significant level of new investment means they will be able to make moves to become Europe’s leading HR software provider.
Hanno Renner, Personio Co-founder and CEO, told Techcrunch: “We believe that now is the right timing to actively expand into further regions and the funding as well as Index expertise will certainly help making that move successful.
“Apart from that, we consider ourselves a product-driven company and hence want to continue to strongly invest into building the best product for our customers which will mean significantly growing our product & engineering team and potentially even opening a new office to facilitate hiring.”