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Personio GmbH, a software-as-a-service startup that enables human resources teams to perform tasks such as recruiting with less manual work, has closed $125 million in new funding at a $1.7 billion valuation.
The newly minted unicorn disclosed the financing round today. Index Ventures was the lead investor, with Accel, Lightspeed Venture Partners, Meritech Capital and several other institutional backers participating as well.
London-based Personio’s namesake HR platform primarily targets businesses in Europe with up to 2,000 employees. The startup has landed about 3,000 customers in this segment so far and, along with its investors, it sees even bigger revenue opportunities ahead. “SMEs are the backbone of the European economy, employing 100 million people across the continent, but it is also a sector that has been neglected by software companies focused predominantly on large enterprises,” said Index Ventures partner Martin Mignot, who has joined Personio’s board.