General Atlantic leads EUR 254m round for PayFit

Also participating in the round were existing investors Eurazeo, BPI France and Accel Ventures.

Following the round, PayFit aims to strengthen its position in its current markets, it said in a statement. In addition, it plans to grow its team from 700 to 1,000 staff over the next 12 months and expects to launch new software functions including interview assessment.

General Atlantic has made seven investments in France to date, according to a statement. The GP held a final close for its latest flagship fund, GA 2021, in November 2021 on USD 7.8bn, as reported.

As reported by Unquote, France recorded 16 early-stage and growth capital deals valued in excess of EUR 100m in the first nine months of 2021, amounting to a total of EUR 3.99bn. By the end of 2021, the French market had seen 23 such deals with an aggregate value of EUR 5.8bn, according to Unquote Data.

Previous funding
PayFit raised a EUR 500,000 seed round from Kima Ventures, startup incubator The Family and Thibaud Elziere in January 2016.

Entrepreneur Xavier Niel and additional backers participated in a EUR 5m Series A round for PayFit in October 2016.

In 2017, Accel and Frst (formerly Otium Venture) led a EUR 14m Series B round for PayFit.

In June 2019, Eurazeo provided EUR 35m for PayFit via its Growth strategy as part of a EUR 70m funding round. Accel and Frst also participated.

In March 2021, the company raised a EUR 90m Series D funding round, since which it has hired 300 staff. BPI France and Eurazeo led the round, joined by Accel and Frst.

The company had raised a total of EUR 179m prior to its latest funding round, it said in a statement.

Company
Founded in 2015, Paris-based PayFit is a payroll and HR management software platform for SMEs. In addition to its operations in France, it also covers the German, Spanish and UK markets.

People
PayFit – Firmin Zocchetto (CEO, co-founder).
General Atlantic – Chris Caulkin (managing director and head of technology for EMEA).

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• Topics
• Expansion
• France
• Technology
• Venture
• France
• General Atlantic
• Eurazeo
• Accel Ventures