Index Ventures leads $40 million investment in

Munich-based human resources startup Personio has raised $40 in venture capital in a round that was led by .

Personio's HR and recruiting software targets small and medium-sized companies who are often still running on outdated legacy systems.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

“This further enables us to execute on our strategy and lets Personio stay on its steep growth trajectory,” said Hanno Renner, co-founder and CEO of Personio, 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, Co-founder and CEO of Personio

Image Credit: Personio

The company 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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