PreSeed Ventures-backed Pento has secured $15.6m in a series A round led by General Catalyst, bringing its total financing to $19.1m.
Pento, a Denmark-based payroll automation platform backed by Technical University of Denmark’s venture capital arm PreSeed Ventures, has raised $15.6m in its series A round, according to TechCrunch.
Avid Ventures, LocalGlobe, Point Nine Capital, Moonfire Ventures, Hustle Fund and Seedcamp also participated, as did several angel investors.
Pento has built a cloud-based platform that automates the payroll process from reporting to tax calculation to payments. The service integrates into existing human resources products and helps companies reduce costs by removing the need for outsourced payroll accounting.
The company says it has signed up 700 companies to date across a variety of sectors, such as clothing manufacturer Lacoste, restaurant chain Honest Burgers and car insurance app developer Cuvva.
Point Nine Capital and Seedcamp previously co-led a $2.8m funding round in September 2019, with participation from angel investors and unnamed venture funds.
Pento had already closed a $700,000 two-tranche round in April 2018, thanks to commitments from Futuristic.vc, PreSeed Ventures and private investors.