Whilst 2026 with a limited number of fundings announcements, February was much more busy with several companies communicating their funding rounds often still closed before Christmas / end of year.   Similar to the last months of 2025, investments are again primarily in the frontline payroll, benefits, learning and talent acquisition space. Here are the details: ⬇𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬: 💵   Naboo   (FR) raised a $70M Series-B round led by Lightspeed Venture Partners, with pa

Here comes the first update for M&A activity in 2026. 2025 has been an extremely busy year in HR Tech/ WorkTech consolidation and with underlying reasons for the enforced consolidation, experts expect this trend to continue into 2026. Main drivers of consolidation expected for 2026 remain: Portfolio extensions  of larger (suite) vendors for more up- & cross-selling as well as ensuring AI innovation - often also driven by investors. Market and customer access  into untapped ma

The year 2026 started of with a limited number of fundings announced - likely also due to holiday season. Similar to the last months of 2025, investments are again primarily in the benefits, learning and talent acquisition space. Here are the details: ⬇𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬: 💵   Carol   (IT) raised a €6.5M Series-A round led by   Futura SGR   and   P101   plus an additional €2M debt financing. Carol's total equity raised thus exceeds €11 million since its founding. Specific

Here comes the final update for M&A activity in 2025. 2025 has been an extremely busy year in HR Tech/ WorkTech consolidation and it already looks like this development will continue in 2026. Key drivers of consolidation in 2025 where: Portfolio extensions of larger (suite) vendors for more up- & cross-selling - often also driven by investors. Market and customer access into untapped markets that are especially hard to win in business-critical product areas with low churn or

The last month of 2025 contained a few larger European HR Tech fundings for new start-ups or uprising scale-ups.   Again different areas of employee benefits plays as well as several recruiting and learning focus investments characterize the fundings in the European and also in the US market. US has seen less super large rounds at the end of the year - whilst there is still a chance that some closing from end of December will be communicated in early 2026.   Here are the deta

Following a very active October in terms of HRTech M&A this update summarizes November transactions and there were several ones again in the European HR Tech space. Again, multiple are characterized by established vendors acquiring AI-first vendors. Furthermore, also the payroll and HCM consolidation driven by the HCM and payroll groups continued. Here is the summary for November 2025: 𝐇𝐑𝐓𝐞𝐜𝐡 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬: 📝   Epassi   (FI) backed by   TA Associates   and  

In November, HR Tech fundings for new start-ups or uprising scale-ups in Europe were less significant and notable in size compared to some previous months, while US showed some additional larger rounds. In general, the direction of funding towards AI-first talent acquisition and learning startups continues. Here are the details: ⬇𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬: 💵   Guidoio   (IT) raised a €3.5M seed-round led by led   360 Capital   alongside   Azimut Libera Impresa   for Italy's fir

After a record-breaking third quarter in terms of numbers of transaction in #HRTech ( Venero Capital Advisors   counted 111 - highest since they started recording), analysts and advisors including myself expect the wave of consolidation to continue. Economic environment in combination with new tech advancements as well as a lot of "dry powder" = capital to deploy in private equity continue to boost acquisition interest as well as selling interest at the same time.   Also in O

Nach den ersten Anzeichen einer Verbesserung des Geschäftsklimas im Frühjahr 2025, bestätigt die Konjunkturbefragung unter HR Software-Anbietern im Herbst diese Entwicklung. Die Bewertung der aktuellen Geschäftslage macht einen deutlichen Sprung nach oben und auch die Geschäftserwartungen verbessern sich weiter gegenüber denen im Frühjahr.   Geschäftslage und -erwartungen Der Geschäftsklimaindex für den deutsch­sprachigen HR-Tech-Markt folgt den geäußerten Hoffnungsschimmern

I n October, HR Tech fundings for new start-ups or uprising scale-ups in Europe were not as notable in size compared to some previous months, while US showed some additional very significant rounds. The stream for additional fundings for AI-based talent acquisition, learning and benefits startups continues, thus investments again underlining that AI is driving innovation across HRTech disciplines.   Here are the details: ⬇𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬: 💵   Jack & Jill   (UK) raised

Whilst the August update included some major transactions in HRTech already, this streak continued into September 2025. With more than 100 acquisitions announced in Q3, we are in the midst of a strong consolidation period in HRTech. Also in September there were several transactions of AI-based vendors in the talent acquisition space. Furthermore, also the benefit and payroll consolidation driven by the large employee benefits and payroll groups continued. Here is the summary

In September HR Tech fundings for new start-ups or uprising scale-ups picked up again compared to a less busy August summer month. There...

Our July Newsletter on M&A already included a sneak peak teasing that August 2025 really has been an exceptional month in #HRTech...

The numbers for 2024 are in: Despite a cooling economy, HR software in Germany, Austria, and Switzerland continues to grow strongly - clearly outperforming the overall market

August despite summer break was similarly busy as July in terms of funding news but with less larger rounds. There have been some...

Whilst August in #HRTech started with a big bang on August 1st with the announcement of the planned acquisition of SmartRecruiters  by...

July as the first month of Q3 2025 was a bit more quiet in terms of funding news than the end of Q2. However, there have been some...

As usual, the months before the summer break tend to be busy months for M&A and June has proven this again. With some interesting deals...

The last month of Q2 2025 should several strong combined AI x Learning as well as recruitment investments as highlights of the HRTech...

Bei der Herbstbefragung 2024 hatte die schwache Gesamtkonjunktur auch im HR-Softwaremarkt bereits erste Spuren hinterlassen. Die...