In just six years, the company of software Personio has become one of the start-up more precious in Europe, with a value of 6.3 billion dollars.
But it wasn’t an easy start, with CEO Hanno Renner noticing a moment in which the company had only 200 euros ($ 226) left in their bank account before receiving its first real loan.
Rainer co-founded Persono in Munich, in Germany, in 2015 with Roman Schumacher, Arseny Vershinin and Ignaz Fürstmeyer, the four of whom met while studying at the Center for Digital Technology and Management, a joint institution of two major Munich colleges.
Persono’s idea, which focuses on service to small and medium-sized businesses, was born from listening to how a friend was having difficulty managing human resources operations at the company. in which he worked as chief technology officer, because he did not have the software.
As students, they tried to find the solution, even though they didn’t have an office, so they worked wherever they could find room in college to build their first product. software for Personio and have pooled their savings to share the costs.
Once customers have paid to use that first part of the software, they used the revenue to purchase licenses for the software they used to design, rented a small office and hired a small number of employees.
Then, in July 2016, Persono raised € 2.1 million in a round of initial funding, with investors including Global Founders Capital, which backed companies like LinkedIn and Facebook early on.
Before Person could receive that first round of funding, Renner said, the founders needed to make sure they paid all the bills in suspended, which explained is a requirement standard for fundraising operations.
He added: “I still have a screenshot of that bank account – we had almost 100 euros left in the account before we received our first one round of funding, which was 2 million euros. [يورو] At the time, but what was really interesting was how far we had dealt with the anguish up to that point. “
Recently, Persono’s financial situation has changed dramatically, as the company has picked up in its latest round of Series E funding last October of up to $ 270 million, which valued the company at $ 6.3 billion, up from a valuation of just $ 1.7 billion last January.
In total, Persono has raised more than $ 500 million from investors so far.
Unlike when it was a start-up in 2016, Persono said he still has “significant reserves” from his round of investments in January, when the latest funding was announced last month.
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