Innovative HR tech provider Hibob raises additional $70m in capital

Innovative HR tech provider Hibob raises additional $70m in capital

Tags: Technology
sponsered content ,

human resources
human resources
צילום: istock

HiBob, the fast-growing HR platform known simply as “bob”, has raised $70m in a Series B funding round, it was recently announced. The capital raise was led by SEEK and Israel Growth Partners (IGP) and is purported to value the company at around $500 million.

HiBob reports that it has recorded triple digit year-on-year growth in 2020 as companies look for innovative ways to manage their workforces. This has become increasingly important in light of the recent shift towards remote working, a trend accelerated by the COVID-19 pandemic this year.

Unlike most other HR software providers, Hibob sells itself as a platform designed to strengthen company culture. This is not to say that it doesn’t take the administrative aspect of HR seriously. Users can still access a suite of features, such as employee onboarding and time off tracking, that are offered by most other HR software providers. However, where Hibob sets itself apart is in its focus on employee engagement. The platform’s interface has a social media look and feel to it, designed to bring employees closer together and connect them to their company’s culture.

“As we were developing the concept behind our HR platform, we looked at the world of work and recognised that it was changing. I’ve spent my career managing people in different kinds of organisations and came to the realisation that the vast majority of HR tech tools I used were not designed for the way people work today - globally, remotely, and collaboratively,” said Hibob’s CEO and co-founder, Ronni Zehavi. “We founded Hibob to create a modern HR platform built for the changing demands of the modern workplace.

Hibob’s focus on employee engagement and company culture is striking a chord with an ever-increasing number of businesses. According to Zehavi, Hibob has signed up more than 1,000 mid-market customers across the U.S., Europe and Asia including Monzo, Revolut, Cazoo, Receipt Bank, Fiverr, and Monese.

Hibob was founded in 2015 and has its roots in Israel. It now operates from its headquarters in London and New York and through an office in Tel Aviv. To date the company has raised $124m, which includes a Series A+ financing in 2019 backed by investors Bessemer Venture Partners, Battery Ventures, Eight Roads Ventures, Arbor Ventures, Presidio Ventures, Entrée Capital, Cerca Partners, and Perpetual Investors, all of whom additionally contributed to the current funding round.

The company intends to use the additional capital it has raised for product development and further global expansion.