Milbank LLP has advised Personio GmbH ("Personio"), Europe’s leading HR software company for small and mid-sized businesses, on the second closing of its pre-emptive Series E round, adding $200 million to the initial financing raised in October 2021. The new funding brings the total capital raised through its Series E to $470 million, valuing the company at $8.5 billion, making it one of the fastest-growing and most valuable software startups worldwide. Existing investor Greenoaks led the round, demonstrating further support of Personio’s ambition to digitize people processes for small and mid-sized businesses across Europe. The investment follows Personio’s exceptional recent performance, including sustained year-on-year growth, additional expansion opportunities, and recognizes the value of Personio’s services to SMEs even in uncertain economic times. Personio is the People Operating System for small and medium-sized companies with 10 to 2,000 employees. Based in Munich, Berlin, Madrid, Barcelona, London, Dublin and Amsterdam, Personio’s mission is to make HR processes as transparent and efficient as possible so HR can focus on what matters most: people. Personio does that by offering an all-in-one HR software that includes human resources management, recruiting and payroll, enabling HR to go beyond HR. Thanks to People Workflow Automation technology Personio helps more than 6,000 customers across Europe to remove delays and realize opportunities. The Milbank team, which advised Personio on all corporate, tax and finance law aspects of the transaction, was led by partners Sebastian Heim and Norbert Rieger (joint lead, both Corporate/M&A) and included partners Christoph Rothenfusser (Corporate/M&A), Matthias Schell (Tax, all Munich) and Thomas Ingenhoven, as well as associates Gerrit Merkel (both Finance, Frankfurt), David Schwenneker, Pascal Härdtner, Mahmood Kawany, Manuel Bogenreuther, Svenja Tauchmann and transaction lawyer Antonia Fichtner (all Corporate/M&A, Munich).