Personio, an HR tech scale-up providing a core HR platform to the small and medium business (SMB) segment announced a USD $125 million D round of VC funding.
Still relatively unknown, Personio made some noise in January of 2020 with a USD $75 million round that included Lars Dalgaard, founder of SuccessFactors (sold to SAP for $3.4 billion).
The market for core HR in the SMB is substantial and with no small list of competitors. The SMB segment is rapidly maturing and has been buying a LOT of HR tech, even through the pandemic. Doing less is more – and leveraging tech – is a trend in all market segments and all functional areas, including HR.
This brings the total VC raised for Personio to USD $254 million and with a reported valuation of $1.4 billion that puts them at unicorn status. It’s a significant amount of venture funding for a company entering the market in 2015. It looks like they may be taking a page from Dalgaard’s playbook. The market is certainly large enough to support it, but the pressure will be on to both differentiate and increase their brand recognition beyond their backyard.