U.S. markets open in 5 hours 27 minutes
  • S&P Futures

    4,261.75
    -19.25 (-0.45%)
     
  • Dow Futures

    33,583.00
    -135.00 (-0.40%)
     
  • Nasdaq Futures

    13,519.50
    -58.25 (-0.43%)
     
  • Russell 2000 Futures

    2,005.60
    -11.30 (-0.56%)
     
  • Crude Oil

    90.37
    -1.72 (-1.87%)
     
  • Gold

    1,801.50
    -14.00 (-0.77%)
     
  • Silver

    20.50
    -0.19 (-0.93%)
     
  • EUR/USD

    1.0234
    -0.0023 (-0.23%)
     
  • 10-Yr Bond

    2.8490
    0.0000 (0.00%)
     
  • Vix

    20.80
    +0.60 (+2.97%)
     
  • GBP/USD

    1.2105
    -0.0034 (-0.28%)
     
  • USD/JPY

    133.4600
    -0.0200 (-0.01%)
     
  • BTC-USD

    24,046.63
    -835.41 (-3.36%)
     
  • CMC Crypto 200

    571.42
    +0.14 (+0.03%)
     
  • FTSE 100

    7,511.65
    +10.76 (+0.14%)
     
  • Nikkei 225

    28,871.78
    +324.80 (+1.14%)
     

HR tech company Personio hits $8.5B valuation with extension round

·1 min read

Personio's executive board (Courtesy of Personio)
Personio, the provider of an HR task automation platform, has added another $200 million to its Series E, bringing its valuation to $8.5 billion.

Greenoaks led the round, which now totals $470 million. The first tranche of the Series E was raised in October at a $6.3 billion valuation.

The funding comes at a time when many companies are under pressure to shore up their capital reserves amid a tough fundraising environment. In some cases, startups are holding extension rounds at a flat valuation or with only a modest increase. Down rounds are also becoming more likely as investors become increasingly cautious.

Personio is Germany's third most valuable private company, behind challenger bank N26 and software provider Celonis, according to PitchBook data. The business benefited from a significant increase in demand for HR tech during the pandemic as the global shift to remote and hybrid work transformed the way HR teams operate.

So far this year, VC-backed HR tech startups in Europe have secured €1.7 billion (about $1.8 billion) in VC capital, according to PitchBook data, over half the total amount raised in 2021.
   

With the new funds, Personio will continue on its growth trajectory with plans to further develop its people workflow automation tool, which it recently expanded with the acquisition of Berlin-based peer Back.

This article originally appeared on PitchBook News