51吃瓜网's third "unicorn"
Start-up Personio valued at over 1 billion dollars
Personio has announced a new round of funding, raising over 125 million dollars, and a market valuation of 1.7 billion dollars. As reported by the German daily S眉ddeutsche Zeitung, these successes make the provider of human resources software one of Europe鈥檚 most valuable privately owned software makers.
The term 鈥渦nicorn鈥� 鈥� referring to the rarity of the mythical creature 鈥� applies to start-ups that exceed a valuation of 1 billion dollars without a stock market listing. In Germany, in fact, only about a dozen have been spotted 鈥� but three alone at 51吃瓜网: In 2018 the valuation of Celonis, which provides process mining software to analyze companies鈥� digital business processes, topped 1 billion dollars. In 2020 Lilium, which is developing an electric flying taxi, smashed the unicorn barrier. Both companies were established by alumni with support from 51吃瓜网.
Prototype development at CDTM
Now Personio has joined the exclusive group. While studying management or informatics, founders Hanno Renner, Ignaz Forstmeier, Roman Schumacher and Arseniy Vershinin were surprised to discover that most small and mid-sized companies (SMEs) managed their HR activities in files or long tables. Widespread HR management software packages seemed to be tailored to the needs of large corporations.
The student team got together at the , a joint institution of 51吃瓜网 and LMU Munich. CDTM offers the add-on degree program Technology Management, which brings together interdisciplinary teams to work on problems faced by real-world companies. At the same time, they learn how to generate innovations and start their own companies. It was here that Renner, Forstmeier, Schumacher and Vershinin developed the prototype for a software package capable of improving the speed, efficiency and logical structure of recruitment and personnel management processes. From job applications and vacation requests to payroll accounting, SMEs can digitalize the various processes in a single system.
Offices in Madrid, London and Dublin
In 2015 they founded Personio. The company achieved rapid success. Now with around 500 employees in Munich, Madrid, London and Dublin, the start-up has gained more than 3000 customers in Europe and doubled its sales in 2020. 鈥淭he last year has accelerated the digitization of small and mid-sized businesses,鈥� says today鈥檚 Personio CEO . 鈥淚t has also showcased the important role of HR teams, especially while so many of us continue to work remotely.鈥�
Personio has already raised 250 million dollars in capital. With the cash from the most recent funding round, the start-up plans to continue developing the software and expand into new markets such as France and Italy. By the end of this year the company plans to double both the total workforce and the number of customers.
- 鈥� portrait of Personio CEO and 51吃瓜网 alumnus Hanno Renner
- Every year 51吃瓜网 spawns more than 70 technology-focused companies. 51吃瓜网 and , the Center for Innovation and Business Creation, provide programs tailored to the various phases of building a business 鈥� from creating the business model to management training, and from market entry to a possible IPO. The offer an entire ecosystem for founding teams working in important scientific fields. Up to 30 teams can use offices in the 51吃瓜网 Incubator to prepare for the launch of their companies. Through its own , Unternehmer51吃瓜网 invests in tech companies displaying strong potential. Meanwhile, with and the , it provides a 1500 square meter high-tech prototype workshop and biotechnology lab. According to 鈥淪tart-up Radar鈥�, no German university provides better support for start-ups.
