French startup PayFit just announced that it closed a new $289 million Series E round (€254 million) before the holidays. Following this round, the startup has reached a post-money valuation of $2.1 billion (€1.82 billion).
The company has been building a payroll and HR software-as-a-service platform for small and medium companies. It is operating in a handful of European countries — around 150,000 people currently get paid through PayFit.
General Atlantic is leading the round, while some of PayFit’s existing investors are participating once again, such as Eurazeo, Bpifrance’s Large Venture fund and Accel.
The startup has been on a roll as it raised a Series D round in March 2021. I asked about PayFit’s valuation and how it has changed since the Series D.
“It’s true that we had never communicated about our valuation before. We only shared the size of our funding rounds,” co-founder and CEO Firmin Zocchetto told me. “I can only tell you that our valuation has greatly increased.”
He listed two reasons why PayFit has had little issues raising at a higher…
