Amidst economic turbulence in 2023, the HR tech sector stands resilient and buoyant. A shining testament to this growth trajectory is the Israel-based HCM unicorn, HiBob. The company recently wrapped up its third investment round in just three years, raking in a whopping $150 million, building upon its prior successful funding rounds.
Substantial Backing for a Promising HR Platform
HiBob, the innovative mind behind the ‘Bob’ HR platform, has captivated leading organizations such as Fiverr, Monzo, Gong, and Cazoo with its offerings. The latest infusion of funds comes courtesy of San Francisco’s Farallon Capital, with New York’s growth equity firm Alpha Wave Global stepping in, supplemented by existing investors. This cash influx propels HiBob’s total funding to an eye-catching $574 million.
Revolutionizing Workplace Cultures
Founded in London, HiBob’s primary mission is to reshape the future of work, emphasizing a people-first strategy, turning organizational culture into a potent competitive edge. The recent investment will further empower HiBob in its quest to offer a tailored HCM platform suitable for diverse, modern enterprises, spanning mid-sized to multinational entities.
With these fresh resources, HiBob is primed not only to invigorate product innovation but also to strategically penetrate new geographic markets. The financial vote of confidence strengthens HiBob’s positioning to serve enterprises and capture significant global market share. The funding underscores the unwavering trust investors place in HiBob’s ability to revolutionize HR and enhance employee engagement.
Integrated HR Management with ‘Bob’
HiBob, also headquartered in New York, boasts ‘Bob’ as its flagship software. This comprehensive HR platform adeptly oversees employee attendance, time-off schedules, and myriad data inputs, all the while encouraging employees to participate actively in their data management, reflecting HiBob’s collaborative HR ethos.
Conceived by visionaries Ronni Zehavi and Israel David, HiBob seeks to redefine the HCM landscape, offering a fresh alternative to conventional platforms. The company’s focus is on enabling HR professionals and the workforce to flexibly align with the fluidity of today’s work environment.
Highlighting HiBob’s prowess, Ido Krakowsky from Farallon Capital remarked, “In our ever-shifting landscape, HiBob has consistently showcased its product brilliance. They’ve cemented themselves as the preferred choice for organizations striving for streamlined HR operations, talent retention, and informed decision-making. We’re eager to accompany HiBob on this growth trajectory.”
Echoing these sentiments, HiBob’s CEO and Co-Founder, Ronni Zehavi added, “This partnership reflects our leadership in HCM software. We’re committed to empowering HR leaders globally with robust HCM solutions, emphasizing employee-centric strategies. Even in these challenging economic times, our new funding underscores our robust strategy and delivery capabilities.”
Milestones and Momentum
HiBob has showcased exemplary growth, boasting over 3,500 clients. Remarkably, in less than three years since reaching the $10 million Annual Recurring Revenue (ARR) milestone, the company has crossed the $100 million ARR mark, reaffirming its robust position even amidst volatile market scenarios.
TL;DR
Despite economic headwinds, HiBob, an Israel-based HR tech unicorn, secured $150 million in its recent investment round, marking its third successful funding effort in three years. This funding will bolster its revolutionary HR platform ‘Bob’ and facilitate strategic global expansions. With over 3,500 clients and a significant ARR growth, HiBob continues to thrive in the dynamic HR tech sector.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.