Tel Aviv headquartered transformative HR tech platform Hibob has raised $20 Mn in Series A+ funding from existing investors: Bessemer Venture Partners, Battery Ventures, Eight Roads, Arbor Ventures, and Presidio Ventures. This investment is an extension of the company’s Series A, announced in April 2017, with its previous investors substantially increases their position in the company.
Supporting the company’s mission to transform HR to reflect the changing nature of the workplace and workforce, the expanded investments will drive the next phase of Hibob’s hyper growth, help to establish it as the platform of choice for fast growth companies, and accelerate its penetration in the US and across Europe.
Ronni Zehavi, Co-founder and CEO of Hibob stated, “There is a paradigm shift in the way people work, and HR is shifting from a system of records and resources to a way to manage relationships and productivity. Companies need the right tools to develop and maintain top talent as they grow from hundreds of employees to thousands. We are pleased that our investors understand the great need in this market and know that we are poised to deliver the most innovative and intuitive product that will allow businesses to flourish in the rapidly evolving world of work.”
Hibob was founded in late 2015 with a mission to create the first HR platform built for the workplace of the future. Since its inception, it claims to have achieved 460 percent year-over-year growth and now boasts hundreds of customers, including Monzo, Etoro, Happy Socks, Ironsource, Receipt Bank, Fiverr among others as well as strategic platform integrations with Slack, Workable, GreenHouse, Aviva, Canada Life, UNAM. In its earlier round, its raised seed funding of 7.5 Mn and a series A of $17.5 Mn, with total investment in it sitting close to $45 Mn.
Hibob provides fast-growing companies with the HR capabilities they need to attract, retain and grow today’s demanding workforce. The platform streamlines administrative tasks and improves employees’ experiences with intuitive design and unparalleled tools that provide company decision-makers with valuable insights that help retain and grow today’s diverse and demanding workforce.
Global HR tech industry analyst at Bersin by Deloitte, Josh Bersin believes that the Hibob platform is innovative and is designed a management platform first and HR platform second, so its entire design is focused on what information managers, employees, and executives need.
Hibob’s latest round of funding points to a generally expanding HR Tech market. The nature of the workplace experience is rapidly evolving, and the HR tech market is in a rapid growth phase and is expected to reach $22.5 Bn by 2022. It will be interesting to see how quickly and how much of this market is Hibob able to garner after its latest round of funding.