New York-based Hibob, an HR technology innovator behind the people management platform bob, raised US$ 70 million in Series B funding on 10 December 2020.
The Series B round was led by investors SEEK and Israel Growth Partners (IGP). Hibob has raised a total funding of US$ 124 million to date. 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, Cerca Partners and Perpetual Investors – all of whom have additionally contributed to the current capital raised.
The proceeds from the round will allow Hibob to drive wider global expansion while contributing to further Hibob product development.
About Hibob
Founded in 2015 by Israel David and Ronni Zehavi, Hibob is helping businesses grow their people. The company 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. It enables fast-growing companies, who put their employees first and to attract, excite, retain and develop their most valuable assets – people. Hibob has offices in New York, London and Tel Aviv. The company has its roots in Israel but these days describes its headquarters as London and New York.
“Our mission is to modernize HR technology. We are a people management platform for how people work today. Whether that’s remotely or physically collaborative, our customers face challenges with work. We believe that the HR platforms of the future will not be clunky systems, annoying, giant platforms. We believe it should be different. We are a system of engagement rather than record,” said Ronni Zehavi, Hibob’s CEO.
Hibob specializes in mid-market customers and claims that it has more than 1,000 of them currently on its books across the U.S., Europe and Asia, including Monzo, Revolut, Happy Socks, ironSource, Receipt Bank, Fiverr, Gong and VaynerMedia.
Hibob covers all of the necessary HR bases like payroll and further compensation, onboarding, managing time off and benefits. It also brings in a variety of other features that help build out bigger profiles of users, such as performance and culture, with the ability for peers, managers and workers themselves to provide feedback to enhance their own engagement with the company, and for the company to have a better idea of how they are fitting into the organization, and what might need more attention in the future.
Hibob has seen strong demand for its technology this year as the pandemic forced employees to work remotely.
What Investors have to say
“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 will join Hibob’s board as part of the deal.
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