German digital HR platform Personio has raised $40m in a Series B round led by Index Ventures.
Existing investors Northzone and Global Founders Capital also joined the round. The company provides human resources software to more than 1,000 clients in 35 countries. Through Personio’s software, businesses can plan and manage their onboarding processes, payroll accounting, data security, analytics and reporting.
The company has said it will expand into new European markets this year, after doubling the size of its international team to 150. Over 150,000 employees and several hundred thousand applicants are currently being managed through the Personio platform.
Personio also provides knowledge broker services to the HR-industry and hosts conferences and networking events for HR-managers.
The Munich-based company was founded in 2015 and is led by co-founder and CEO Hanno Renner. He said, “This investment further enables us to execute on our strategy and lets Personio stay on its steep growth trajectory. I am excited about the positive impact Personio has on the work lives of thousands of HR managers and their employees every day. We will use the resources to invest into building the best product for current and future customers.”
Index Ventures partner Martin Mignot added, “Personio is tackling the recruiting and HR challenges faced by millions of SMEs across Europe who employ tens of millions of workers.
“We believe Personio has the potential to become the HR operating system of small businesses by helping them address all the common headaches associated with recruiting, managing and developing teams.”
Last year Index raised $1.65bn for two new funds in a rapid fundraising process that significantly outstripped its predecessor vehicles.
The firm would also back Credit analytics company Credit Benchmark and financial services software developer, Plaid.
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