Pento: London payroll startup led by 28-year-old raises $35 million

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The news comes as the latest annual “State of European Tech” report revealed that investments in the sector are set to exceed $100 billion annually.

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The 28-year-old founder today applauded the influx of US capital from the London tech scene as he raised $35 million (£26.4 million) for his payroll startup.

Jonas Bogg Larsson launched Westminster-based Panto in 2017 with co-founder Emil Hagbarth Rasmussen, 31.

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Their startup fully automates the payroll process for a monthly fee, eliminating the need for outsourcing to accountants. It has grown 10 times within a year and counts restaurant chain Honest Burgers and Challenger Bank Starling as customers.

The founders’ new growth was led by New York-based investment firms Tiger Global and Avid Ventures, and comes just six months after taking in $15 million in Series A funding. Existing investors including Airbnb backer General Catalyst and Saul Klein’s London-based LocalGlobe also participated in the latest round.

Bog Larsen told Standard that it is “very exciting” to see the UK and European tech landscape attracting “top-tier” US-based and international venture capital.

His remarks come as the latest annual “State of European Tech” report revealed today that investments in the sector exceed $100 billion a year.

Tiger, a 20-year-old American tech investment firm with more than $90 billion under management, is investing a large sum of capital in 2021. It has previously supported giants ranging from Facebook and Stripe to LinkedIn and Bytedance.

Bog Larsen said that by having the pair based in London rather than in Copenhagen, Panto has helped uncover “more potential customers than we can reach in any other city in the world”.

Avid Ventures supports early stage firms. Its founder, Eddie Lerner, said he doubled down on investing in Pento because it “revolutionized how businesses pay their employees”.

Panto claims that companies need to spend up to 80% on monthly salaries. It’s competing with the likes of software startup Payfit, which has raised more than $200 million.

However, the findings of the State of European Tech report were not all positive. It concluded that the sector still has a long way to go in terms of investing in women and minority-led companies.

It found that mixed and diversified teams captured just 9% of the total capital raised by tech firms in Europe this year.

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