US and Europe expansion and more tech talent hires on the cards following latest round from existing investors
13th March, 2019 – London, UK – Today London / Tel Aviv based HR tech platform Hibob announces $20m in Series A+ funding. This latest round is led by existing investors Bessemer Venture Partners, Battery Ventures, Eight Roads, Arbor Ventures, and Presidio Ventures.
This latest investment will support the company’s next phase of hyper growth, helping to establish Hibob as the platform of choice for mid-size fast-growing companies, accelerating its US presence, expanding to more countries across Europe and hiring more tech talent people into the organisation.
Following a seed round of $7.5m and a series A of $17.5, the total investment in Hibob now sits at $45m.
Founded in late 2015, Hibob was built with the understanding that the world of work is changing and, as a result, the requirements of HR – and the technology that supports the function – need to change too. The platform gives fast-growing companies the HR functionalities they need to attract, retain and grow today’s diverse and demanding workforce – an organisation’s most valuable asset. Current customers include Monzo, Etoro, Happy Socks, Ironsource, Fiverr, Receipt Bank and Karmarama.
The HR tech market is growing fast and is expected to reach $22.5bn by 2022. The proliferation of this technology is not just down to a need for employees and HR teams to better navigate admin tasks like payroll processes, performance reviews and holiday requests. Rather, organisations are realising that their people are more than just numbers, resource or talent – management decisions that affect them should be holistic, data-driven and personalised to drive real business results. Platform integrations include Slack, Workable, GreenHouse, TeamTailor, Perkbox, Aviva, Canada Life, and UNAM.
“Modern business growth and success relies on people, so it makes sense that companies are more willing to invest in HR technology and innovation than ever before,” said Ronni Zehavi, CEO and co-founder, Hibob. “As a fast-growing company ourselves, we understand the needs of mid-sized high growth companies and the specific challenges they face when attracting and retaining the best talent. This latest funding from VCs who were part of our previous rounds will support our much-anticipated expansion into the US market and across Europe, enabling us to continue to fuel hyper-growth and in turn to help the companies that are changing the world attract, engage and retain their people.”
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.