- Hibob — an HR technology innovator behind the people management platform bob — announced recently that it raised $70 million in Series B funding. These are the details.
Hibob — an HR technology innovator behind the people management platform bob — announced recently that it raised $70 million in Series B funding led by investors SEEK and Israel Growth Partners (IGP). The investment will enable Hibob to drive wider global expansion while contributing to further Hibob product development.
And Hibob has raised a total of $124 million to date since it launched 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, Entrée 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 quickly becoming a market leader, gaining strong traction with modern, mid-sized, multinational businesses. And since the company launched, 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, Cazoo, Happy Socks, Ironsource, Receipt Bank, Fiverr, Gong, and VaynerMedia. And bob also closely integrates with third parties such as Slack, Microsoft Teams, and Mercer.
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. And 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, 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.
KEY QUOTES:
“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.”
— Ronni Zehavi, CEO and Co-founder of Hibob
“2020 was the year that pushed the practice of HR into the spotlight. HR leaders have been challenged to support their businesses and their people in new and different ways – to drive communication, engagement, and development despite the obvious hurdles. At VaynerMedia, I knew that my ability to help our 1,000 employees grow through this tough year would only be possible with the right tools and structure in place. bob has enabled us to keep our people informed, engaged, and productive but perhaps most importantly, to nurture the unique culture and vibe that makes VaynerMedia such an exceptional place to work.”
— Claude Silver, Chief Heart Officer with VaynerMedia
“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,” concluded Bassat.
— SEEK CEO and Co-founder, Andrew Bassat
“Building an HR platform is hard, and building it for fast growing customers is even harder. Hibob has done an exceptional job over the past year to serve ever larger business with an even more comprehensive platform. We are proud to have been involved since the seed stage and are excited for what lies ahead.”
— Adam Fisher, Partner at Bessemer Venture Partners
