Payroll startup PayFit is France’s latest unicorn as it raises $289 million
- BySaksham Daga | January 6, 2022
French startup PayFit has announced that it has completed a new round of Series E worth $ 289 million (€ 254 million) ahead of the holiday season. After this round, the startup achieved a post-money valuation of US $ 2.1 billion (€ 1.82 billion).
The company is building payroll and HR software as a service platform for small businesses. It operates in a handful of European countries-currently about 150,000 people are paid through PayFit.
General Atlantic is leading the round with some of PayFit’s existing investors rejoining, including Eurazeo, Bpifrance’s Large Venture Fund and Accel.
When the Series D round was marketed in March 2021, startups were on the rise. We asked about the PayFit rating and the changes since Series D.
“It’s true that we haven’t contacted about the valuation before. We shared only the size of the funding round,” co-founder and CEO Firmin Zocchetto told me. “The only thing I can say is that our rating has skyrocketed.”
He cited two reasons why PayFit had little problem with higher ratings. First, the company is doing well when it comes to sales. Startups’ annual recurring revenue increased by 70% in 2021. Second, a lot of money goes to top-performing tech companies. The current climate is “very favorable,” he said. And I think many people recommend taking advantage of the situation.
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