HiBob has announced it has raised an additional $150 million in growth funding, just ten months after raising a $150 million series C in October 2021.
The latest round is underpinned by HiBob’s sixth consecutive year of triple-digit revenue growth, with continued support from investors including General Atlantic, Bessemer Venture Partners, and others.
With unemployment rates at record lows, the battle to attract and retain talent remains a top priority for modern businesses, even during an economic slowdown. Flexible HR systems like Bob remain a mission critical component in any modern organisation, particularly during dynamic periods characterised by uncertainty and change.
HiBob provides midsized and sub-enterprise businesses that employ many hundreds of people with an agile HR system that allows them to refine and optimise their people operations as efficient growth becomes a dominant theme across industry sectors.
Led by General Atlantic and with participation from Bessemer Venture Partners and other insiders, HiBob’s Series D round takes the company’s valuation to $2.45 billion and total funding to $424 million since inception.
Anton Levy, co-president, managing director and global head of technology investing at General Atlantic, commented: “Business leaders of midsize companies understand the mission-critical role a flexible HR technology platform can play in managing their teams. As the workforce continues to evolve, Bob provides modules that go beyond core HR — including talent management, workforce planning, and compensation management — helping to augment the employee experience and support customers in retaining top talent. We are proud to continue to partner with leadership and the HiBob team as the company works to address key market needs with innovative, flexible technology.”
Adam Fisher, partner at Bessemer Venture Partners, the first investor in HiBob, commented: “HiBob’s ability to grow alongside its largest customers and move with them into new geographies is a remarkable sign of execution. We are proud to continue our support for the company with another significant investment from our fund.”
TALENT IS STILL SCARCE
Ronni Zehavi, CEO and co-founder of HiBob, explained: “The competition for talent remains intense even in the midst of increasing market uncertainty. Modern businesses that value their talent know that HRIS is not simply about headcount growth, but rather about effective and proactive people management during periods of expansion and contraction. We expect many companies to resume hiring in the quarters ahead, and smart organisations will want to have the right infrastructure in place before then.”
Zehavi added, “Our customers are advanced and influential businesses globally. They understand the new world of work, and if I were to summarise their superpower in one word it would be ‘flexibility.’ This encompasses internal mobility, career progression, and a responsible work-from-home option. Our customers also seek to empower their managers throughout the organisation in the development of their most valuable resource: talent. We believe customers choose Bob because it provides an amazing employee experience and productivity gains, and the platform is able to grow with evolving business needs. “
GROWTH AT HIBOB
To support its growth and expanding customer base, HiBob has doubled in size with over 370 new hires since Q4 2021. HiBob has also expanded its New York and London office locations, in addition to opening an office in Berlin, Germany to serve the DACH region. With users in 166 countries and support for 13 different languages, HiBob is one of the only platforms for modern multinationals employing hundreds of people. With this series D financing, the company says it plans to add additional regional offices in the next 24 months.
Led by Ronni Zehavi, CEO and co-founder, and Israel David, CTO and co-founder, HiBob offers a unique HR platform for companies that number in the many hundreds to the few thousands of employees worldwide. With customers that span the globe, Hibob’s platform Bob serves both global as well as national organizations. The HR management platform offers a multi-site approach to implementation from the start, and uniquely comes with built-in local languages, currencies, culture adaptation, automation processes and regulatory set-ups.