The fundraising sweep left the company with a whopping $8.5 billion valuation.

According to Reuters, German human resources software startup Personio managed to add $200 million to the initial financing it raised in October. The company also boasted an increased valuation of $8.5 billion.

The latest funding round was led by Greenoaks Capital, which was also the lead investor when Personio raised $270 million last year at a valuation of $6.3 billion.

No plans to go public

A weaker market condition has pushed many startups to scramble for new funding, even at a lower valuation, delaying plans to go public and causing them to cut jobs and costs to find a path to profitability.

Personio, founded in 2015, is now Germany’s second-most valuable startup after Celonis, and has no plans to go public immediately. “There is no rush for us”, Chief Executive Hanno Renner said in an interview. “Our investors support us as a private company and nobody wants to sell at the moment.”

The company is growing at an extreme pace. Early last year, Personio was valued at $1.7 billion, becoming the second German technology startup to be valued at over $1 billion. Now, less than two years later, the valuation totals $8.5 billion.

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