German Company Personio Raises $200 Million At A Valuation Of $8.5 Billion

On Wednesday, the German startup Personio, which develops software for human resources, said that it has boosted the amount of funding it secured in October by $200 million, valuing the company at $8.5 billion.

Greenoaks Capital, the main investor in Personio’s $270 million fundraising last year at a $6.3 billion value, led the most recent round of funding.

Many businesses are scrambling to get new investment, even at a lower valuation, as a result of the deteriorating market conditions. This is delaying their ambitions to go public and forcing them to reduce expenses and staff in order to turn a profit.

Financial software startup Klarna is in talks to seek money at a valuation far lower than the one it received last year, while food delivery business Instacart has slashed its valuation by almost 40%.

Founded in 2015, Personio is currently the second most valued startup in Germany, behind Celonis, and it has no imminent intentions to go public.

“There is no rush for us. Our investors support us as a private company and nobody wants to sell at the moment,” Chief Executive Hanno Renner said in an interview.

The company became the second German technology startup to be valued at over $1 billion, after freight IT firm Sennder, with a valuation of $1.7 billion at the beginning of the year.

Komal Patil: