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Munich-based human resources startup Personio has raised $40 million in venture capital in a round led by Index Ventures.

Personio’s HR and recruiting software targets small and medium-sized companies that are often still running on outdated legacy systems. The company says it has signed up more than 1,000 customers.

“This investment further enables us to execute on our strategy and lets Personio stay on its steep growth trajectory,” said Personio CEO and cofounder Hanno Renner in a statement. “I am excited about the positive impact Personio has on the work lives of thousands of HR managers and their employees every day.”

Hanno Renner, Co-founder and CEO of Personio

Above: Hanno Renner, cofounder and CEO of Personio

Image Credit: Personio

The company was founded in 2015 and says it plans to use the money to continue product development, as well as building out its international team as it pushes into more European markets.

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