Hibob said March 13 that it raised $20 million in Series A funding from existing investors: Bessemer Venture Partners, Battery Ventures, Eight Roads, Arbor Ventures, and Presidio Ventures. Hibob, of Tel Aviv, provides an HR tech platform.
Rapidly Scaling HR Innovator, Hibob Raises $20 million in Series A+
Fueled by 460% year-over-year growth, the HR disruptor plans rapid U.S. expansion to meet the demands of the changing workforce
NEW YORK, March 13, 2019 – Today, Hibob, the transformative HR tech platform headquartered in Tel Aviv, announces $20 million 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 and sees its stellar bench of investors substantially increase 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 U.S. and across Europe.
Since its founding in late 2015, Hibob has achieved 460 percent year-over-year growth and now boasts hundreds of customers, including Monzo, Etoro, Happy Socks, Ironsource, Receipt Bank, Fiverr and Karmarama, as well as strategic platform integrations with Slack, Workable, GreenHouse, Aviva, Canada Life, UNAM. Following a seed round of $7.5 million and a series A of $17.5 million, the total investment in Hibob now sits at $45 million in just three years.
Hibob was founded with a mission to create the first HR platform built for the workplace of the future. The market has embraced Hibob, as HR leaders in fast-growing companies recognize that their legacy tools are stuck in the past, unable to deliver on both the engagement needs of the multi-generational workforce and the data-driven needs of progressive HR professionals.
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 billion by 2022. The proliferation of this technology is not just down to a need for employees and HR teams to better navigate administrative tasks like payroll processes, performance reviews and holiday requests. Rather, organizations are realizing that their people are more than just numbers, resource or talent – management decisions that affect them should be holistic, data-driven and personalized to drive real business results, affirming the power of Hibob’s mission to consumerize HR.
“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,” said Ronni Zehavi, Co-founder and CEO of Hibob. “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.”
“The rapid emergence of the workplace of the future is led by a new generation of digital natives that will dominate the global economy in the coming years. This generation wants to work for fast-growing companies doing meaningful things, disrupting the norm, challenging authority and challenging themselves to grow and develop in a nurturing culture. Fast-growing companies understand this reality and are prepared to invest in HR technology and innovation more than ever before. Great people are in great demand – we are in a ‘quitting economy’ – and our platform, holistic, data-driven and personalized to the ultimate human level while driving business growth.”
This revolution requires a deep understanding of today’s most valuable employees that seek daily engagement, feedback meaning, personalization and opportunities for growth. In parallel, HR needs to be data-driven and democratized, creating consumer-friendly new tools for attracting, retaining and growing valuable employees.
Hibob provides fast-growing companies with the HR capabilities they need to attract, retain and grow today’s demanding workforce. The platform radically 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, understands the need for a dramatic shift in how the industry approaches technological solutions that support today’s workforce. “There are about 1,400 HR tech vendors in the market. One of the more innovative new core HCM platforms is a product called bob, from a fast-growing company called Hibob. bob is designed a management platform first and HR platform second, so its entire design is focused on what information managers, employees, and executives need,” said Bersin.
“Hibob is the perfect partner for companies that strive to put their people first, but lack the right tools to attract, engage, and retain them,” said Davor Hebel, Managing Partner and Head of Eight Roads Ventures Europe.” Hibob can support the evolution of high-growth companies with its easy-to-use, next-generation tool, allowing teams to maintain all-important company culture as they expand into new locations and increase headcount. We feel privileged to have been a part of Hibob’s success story so far and we look forward to continuing our partnership; leveraging the Eight Roads global network to help them scale.”
“Recent customer wins and high levels of growth mean that this is the right time to be injecting additional capital into Hibob,” said Adam Fisher, Partner, Bessemer Ventures. “The company is a great example of an Israeli start-up that is focused, ambitious and demonstrates real knowledge of the future workplace – meaning further expansion, particularly in the US market, makes perfect sense.”
The Hibob team is made up of 130 talented people in New York, London, and Tel Aviv. For more information, please visit www.hibob.com.
Hibob, the company behind the transformative platform bob, is helping businesses grow their people. Founded in 2015, Hibob understands that a new generation of workforce is creating the workplace of the future, and with that evolution comes a demand for a new way to manage people. bob enables fast-growing companies to attract, excite, retain and develop their most valuable asset, their people through data-driven tools. With offices in New York, London and Tel Aviv, Hibob helps hundreds of businesses around the world grow their people. www.hibob.com
Find new deal opportunities, super-charge your fundraising efforts and track top managers with VCJ. Get your FREE trial! Or subscribe now!