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Personio, a B2B SaaS HRtech: Europe’s most valuable startup in under a decade

Author

Chintankumar Maisuria
August 26, 2024

Read time: 4 minutes.

Welcome to the 61st edition of The Growth Elements Newsletter. Every Monday, I write an essay on growth metrics & experiments and business case studies.

Today’s piece is for 5,100+ founders, operators, and leaders from businesses such as Shopify, Google, Sage, Hubspot, Zoho, RateGain, Zaggle, Servcorp, Apollo and more.

Happy Monday!

Personio, a B2B SaaS HRtech now valued at $6.3 billion, has become one of Europe’s most valuable startups in under a decade.

[1] 𝐍𝐢𝐜𝐡𝐞 𝐚𝐧𝐝 𝐈𝐂𝐏

  • HR solution for small to medium-sized businesses.

  • Mainly focusing on companies with 10 to 2,000 employees.

[2] 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐬

  • Help streamline HR processes and payroll.

  • Tons of integration, popular ones Slack and Microsoft Teams.

  • Key product feature - “people workflow automation” helps enhance departmental communication and efficiency.

[3] 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐕𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧

  • Initial capital: Funded by founders

  • First VC investment: €2.1 million

  • Latest investment round: $270 million

  • $500 million in total funding to date

  • Current valuation: $6.3 billion

[4] 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐆𝐫𝐨𝐰𝐭𝐡

  • Personio grew from 350 employees to over 1,000 in under one year.

  • Operation in multiple European cities.

  • Turnover doubled in FY21 and doubled again in FY22.

[5] 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫𝐬 𝐚𝐧𝐝 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

  • 5,000 active customers producing ARR

  • Huge TAM: current users represent less than 0.3% of the market.

  • Multiple vertical product launches can help penetrate the market faster.

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That's it for today's article! I hope you found this essay insightful.

Wishing you a productive week ahead!

I always appreciate you reading.

Thanks,
Chintankumar Maisuria