Germany-based HR Tech platform Personio has announced that they have secured US$200 million in a Series E funding round led by Greenoaks Capital Management. Previous backers of the company include Altimeter Capital, Alkeon, Index Ventures, Accel, Meritech, Lightspeed, Northzone and Global Founders Capital.

The latest funding has pushed the value of the human-resources software maker to US$8.5 billion. It marks an increase in $2.2 billion in the company’ valuation, which stood at US$6.3 billion last year.

“We believe Personio is among the best SaaS companies in the world, with rapid growth, a sustainable business model, and exceptional leadership,” said Neil Mehta, Founder and Managing Partner of Greenoaks Capital.

The $200 million investment solidifies Personio as one of Germany’s most valuable companies behind process mining software startup Celonis, and digital bank N26. The Munich-headquartered HR software firm is headlined by Co-founder and Chief Executive Officer Hanno Renner and plans to focus strongly on the organic growth of the company.

Personio bills small European companies around $190 a month to automate their routine HR tasks like tracking hiring, payroll, and performance reviews. The six year old startup has now amassed more that 6,000 customers, though the numbers wavered as the Ukraine conflict grew. 

In that light, CEO Hanno Renner told techcrunch that investors had more questions this time about the stability of the business in light of a slowdown in the tech industry.

"As long as our customers employ people who need to be paid, for example, and who take vacation, our software remains in use. [Personio] provides services to clients in a variety of industries and targets small and mid-sized businesses,” he added.

Along with organic expansion, Personio is looking to hire talents and also plans for an ‘initial public offering’, as per the various media sources. Last month, Personio bought Berlin-based Back, which automates HR processes.