European startup Personio has raised $200m (€189m) in funding, increasing its value to $8.5bn (€8bn).
The HR software company, aimed at small and mid-sized businesses, expanded its Dublin workforce last year, announcing 140 additional jobs in August.
And that was before the Munich-based company picked up investments of $270m (€255m) last October.
The latest round of funding is led by Greenoaks, a San Francisco-based global investment firm that has previously backed the likes of investing app Robinhood.
“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,” said Neil Mehta, founder and managing partner of Greenoaks.
“We believe Personio is among the best SaaS companies in the world, with rapid growth, a sustainable business model, and exceptional leadership. We are thrilled to once again partner with Hanno and his team, and look forward to continuing our journey for many years to come.”
According to Personio co-founder Hanno Renner, the new funding will support an expansion of the company’s People Workflow Automation system, which automates workflows based on events in the employee lifecycle, such as promotions and location changes to holiday requests.
The company, which has 6,000 customers and 1,200 employees, also recently announced the acquisition of Back, an employee experience solution that automates key people processes.
“We decided to raise additional capital because we saw so many more ways to invest in our product that will increase the value we can provide,” said Renner.
“By continuing to focus on this strategy we expect to continue our strong growth trajectory and accelerate into 2022 and 2023, while providing customers with a great service that enhances the efficiency of their businesses.”