Tel Aviv-based Gloat, an internal talent marketplace that enables enterprises to harness the hidden potential of talent, raised US$ 57M in a Series C funding round on 16 June 2021.
Investors: The funding round was led by Accel with participation from existing investors Eight Roads Ventures (backed by Fidelity), Intel Capital, Magma Venture Partners and PICO Partners. The startup has raised US$ 91.6M to date.
Purpose of the funding: The funds raised will be utilized by the company to continue its business development, and continue adding more features to its own platform, for example to expand deeper into openings for contractors and to open up more opportunities for secondments at other businesses and to extend into front-line positions alongside the knowledge worker roles for which the AI is currently optimized.
About Gloat
Founded in 2015 by Amichai Schreiber, Ben Reuveni, Danny Shtainberg and Roy Reuveni, Gloat has built an AI-based platform that it sells to organizations to power their internal job boards. Gloat allows companies to harness the hidden potential of talent throughout the organization. It matches people’s skills and aspirations to internal career opportunities that are right for them and provides mission-critical organizational agility, visibility, and insights.
Gloat is being used by some of the worldwide brands like Unilever, PepsiCo, Standard Chartered Bank, Schneider Electric, Nestlé, HSBC, Seagate and many others.
The CEO of Gloat, Ben Reuveni got the idea for the company while working as an engineer focusing on storage at IBM after IBM acquired a smaller company where he was working. IBM did have internal job boards so it was hard to see how his expertise mapped on to the opportunities that were available. He said that when you are considering large enterprises, chances are that they are not focusing too much on individualized career development or talent retention for most people at the lower end of the wider pay scale. To solve this problem, Reuveni moved on from IBM to start Gloat.
What the investors have to say: “As companies are adapting their workforces to be more flexible and take advantage of remote workers, new tools are needed to optimise productivity and ensure equality of opportunities. Gloat pioneered the Talent Marketplace to solve that, and it’s now becoming a strategic tool for global enterprises. Some of the world’s largest, most forward-looking companies are benefiting from the workforce agility enabled by Gloat’s AI-powered platform. The Accel team is looking forward to partnering with Gloat on the next stage of its journey, bringing this fundamentally new way of developing talent and managing work to every global enterprise.” — Philippe Botteri, partner at Accel.
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