Hibob, the HR technology innovator behind the people management platform bob, announced that it has raised $70 Mn in Series B funding led by investors SEEK and Israel Growth Partners (IGP).
Marking the progress of Hibob’s mission to simplify people management, culture building, and employee engagement for remote and dispersed workforces, the investment will allow Hibob to drive wider global expansion while contributing to further Hibob product development.
Ronni Zehavi, CEO and Co-founder of Hibob stated, “As we were developing the concept behind our HR platform, we looked at the world of work and recognized that it was changing. I’ve spent my career managing people in different kinds of organizations and came to the realization that the vast majority of HR tech tools I used were not designed for the way people work today - globally, remotely, and collaboratively. We founded Hibob to create a modern HR platform built for the changing demands of the modern workplace.”
Hibob has raised a total of $124 Mn to date since its launch in late 2015. The latest funding round follows its Series A+ financing in 2019, backed by investors Bessemer Venture Partners, Battery Ventures, Eight Roads Ventures, Arbor Ventures, Presidio Ventures, Entree Capital, Cerca Partners, and Perpetual Investors - all of whom have additionally contributed to the current capital raised.
With triple-digit year-over-year growth in 2020, Hibob is gaining strong traction with modern, mid-sized, multinational businesses. Since its launch, Hibob has signed more than a thousand clients across the United States, Europe, and the Middle East, including fast-growing companies such as Monzo, Revolut, Happy Socks, Ironsource, Receipt Bank, Fiverr, Gong, and VaynerMedia. Bob also closely integrates with third parties such as Slack, Microsoft Teams, and Mercer.
SEEK CEO and Co-founder, Andrew Bassat said, “Our investment philosophy includes investing in emerging HR SaaS leaders with platforms that deliver superior solutions, provide better value, and allow for an improved employee experience for scaling businesses. Hibob has been on our radar because of its strong value proposition and impressive business growth. Hibob has a great team led by an impressive and experienced founder and has delivered an outstanding product to the market. We are pleased to join the board and be partnering with Hibob in their next phase of growth.”
The round comes as a validation of the fact that the market has embraced Hibob, as HR leaders in fast-growing companies recognize that their legacy tools are not suitable to help them thrive in the new normal of remote and hybrid work. Today’s needs have gone beyond streamlining payroll and time tracking. Having a multi-generational workforce and global operations have made customization and social engagement capabilities, as well as amazing UI and UX experience as must-have requirements.
During the COVID-19 pandemic when HR leaders were forced to reinvent their operations model within weeks, the need has rapidly shifted to a system of engagement, empowering managers across companies to focus on people experience, culture transformation, social engagement, collaboration and transparency, and to thrive in the transition to remote work. It is this need that Hibob aims to fulfill in a time when more and more companies turn to HR Tech.