Germany-based Personio announced a USD $75 million Series C round, bringing their total VC raised to approximately USD $129.3 million. Personio is a core HR platform focused on the SMB segment. They won’t come up on any market-share analysis or competitive landscapes if you’re wondering how they stack up… yet.
A new investor of Personio is Lars Dalgaard. Lars – arguably one of the most successful entrepreneurs in HR technology. He was the original founder and CEO of SuccessFactors which famously sold to SAP for USD $3.4 Billion in 2011. SuccessFactors took SAP to the cloud, and remains its brand in the HCM space. Now well funded, expect Personio to scale product and sales. While the HCM world has changed a fair bit since 2011, Dalgaard has had a view to those changes via his VC fund Luv Partners, and just previously as General Partner at Andreessen Horowitz one of Silicon Valley’s premier VCs. Lars was known for changing the dynamics of HR technology sales and marketing, bringing SuccessFactors performance management, talent management, and analytics into organizations via the CFO and sales team and focusing/investing inn brand awareness at a level previously not seen in the HCM space. Time will tell if he brings any of that to Personio via his new relationship.
The opportunity for Personio is immense given the size of the SMB segment globally and the continuing maturity of the HR buyer in that segment – we write about both regularly. Personio is one to watch. Especially as the larger cloud based enterprise HCM players without brands in the SMB look to shore up market share there – a short list with Workday on the top of it.