Pento, a London-based real-time automated payroll software platform, raised $35 million in a Series B round. The company closed a Series A round just shy of six months ago and brings the total funding to date to a respectable $53.4 million.
The round was co-led by new investor Tiger Global and existing investor Avid Ventures, with strong participation from our existing investors General Catalyst, Point Nine, LocalGlobe/Latitude, Seedcamp, Moonfire Ventures, and more.
This investment enables us to accelerate our product development, continuing to build Europe’s best payroll experience for our customers and their employees.
Company: Pento Services Limited
Raised: $35.0M
Round: Series B
Funding Month: December 2021
Lead Investors: Tiger Global and Avid Ventures
Additional Investors: General Catalyst, Point Nine, LocalGlobe/Latitude, Seedcamp, and Moonfire Ventures
Company Website: https://www.pento.io/
Software Category: cloud-based payroll software
About the Company: Founded in 2017 by Emil Hagbarth Rasmussen and Jonas Bøgh Larsen, when it comes to the often-painful process of payroll, Pento's cloud-based payroll software automates everything from tax calculations to HMRC payments and integrates with tools like Xero, letting you run payroll for any business in minutes. Pento passes on the error-prone process of plodding through spreadsheets, pouring over PDFs, and proofing emails, etc., and provides employers with a set of tools, real-time calculations, and overall improved transparency to get the job done. The startup offers clients including Starling Bank, Pleo, Cuvva, and Honest Burgers, a host of time-saving features with real-time payroll calculations, automated payments, HMRC integration, salary templates, and payslip distributions, to name a few, all within a 100% GDPR compliant platform.
Source: https://www.pento.io/blog-en-stories/announcing-pentos-35m-series-b https://tech.eu/brief/payroll-automation-provider-pento-pockets-35-million/