HR technology startup Hibob has raised $70m in funding for global expansion plans and to drive product development of its people management software.
Venture capital firms Seek and Israel Growth Partners led the Series B funding round, which brings the startup’s total funding to $124m since it launched in 2015.
Hibob’s platform, ‘bob’, allows HR teams to manage tasks such as time management, performance reviews and onboarding. Many of these tasks can be automated, with companies given the option to customise workflows. It also presents a company’s workforce in an organisational chart to provide further insights, such as who might be at risk of leaving.
The company says it has seen strong demand for its technology this year as the pandemic forced employees to work remotely. For companies this has meant embracing digital tools such as Zoom and Slack.
This shift has helped fuel triple-digit year-on-year growth for Hibob. The company, which has offices in New York, London and Tel Aviv, says it now has more than 1,000 clients spread across the US, Europe and the Middle East.
It counts companies such as Monzo, Revolut, Cazoo and Happy Socks among its customers.
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Hibob funding a bet on the future of work
“As we were developing the concept behind our HR platform, we looked at the world of work and recognised that it was changing,” said Ronni Zehavi, CEO and co-founder of Hibob.
“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.
“We founded Hibob to create a modern HR platform built for the changing demands of the modern workplace.”
Hibob integrates with third-party workplace software such as Slack and Microsoft Teams.
“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”, said Seek CEO and co-founder, Andrew Bassat, who joins Hibob’s board as part of the deal.
“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.”
Previous backers Bessemer Venture Partners, Battery Ventures, Eight Roads Ventures, Arbor Ventures, Presidio Ventures, Entrée Capital, Cerca Partners, and Perpetual Investors also contributed to the Series B funding round.