Amid the COVID-19 pandemic, Human Resources Information Systems (HRIS) have become crucial for businesses managing remote workforces. In this situation, it is important for HR officials to keep employees safe and informed to foster positive work from home situations.
In this regard, Hibob, an HR Tech platform, offers a cloud-based human resource and benefits platform that allows companies to streamline their HR processes.
Raised £52.6 million funding
Recently, the company announced $70 million (approx £52.6 million) in Series B funding led by investors SEEK and Israel Growth Partners (IGP). 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 this funding, Hibob has raised $124 million (approx £93 million) to date since its launch in late 2015. The HR tech company will use the funding to drive wider global expansion while contributing to further Hibob product development.
Simplify people management
Founded by Israel David, and Ronni Zehavi, the company is on a mission to simplify people management, culture building, and employee engagement for remote and dispersed workforces.
“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,” said Ronni Zehavi, CEO and Co-founder of Hibob. “We founded Hibob to create a modern HR platform built for the changing demands of the modern workplace.”
The platform offers most of the technology they need to manage their workforce. The company has its root in Israel however, it operates now from its London and New York headquarters.
Achieved triple-digit growth
Hibob says it has achieved triple-digit year-over-year growth in 2020 amid pandemic. Since the inception, 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. bob also closely integrates with third parties such as Slack, Microsoft Teams, and Mercer.
“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. “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.
Building an HR platform is hard, and building it for fast-growing customers is even harder,” said Adam Fisher, Partner at Bessemer Venture Partners. “Hibob has done an exceptional job over the past year to serve the 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.”