Hibob, a startup that provides an all-in-one human resource management for medium-sized companies, announced Wednesday it received $150 million in fresh funding. The Series C was led by General Atlantic, and will be used to fuel the startup’s global expansion.
Called “bob,” Hibob’s platform was built for the global, remote and collaborative workforce many of us are in right now. Its data-driven design allows people teams to unite tens, hundreds or even thousands of employees through its communication management, onboarding and performance tools. It also tracks things like attendance, time off, compensation and benefits.
These capabilities have become especially important over the last 18 months and, as a result, demand for Hibob has surged. The startup says it has achieved triple-digit revenue growth for the last four years, adding more than 200 new customers spanning North America, Europe and Australia. It has also managed to triple its valuation in the 10 months since its last fundraise, and is now valued at $1.65 billion, according to TechCrunch.
This level of growth is true of the HR industry in general as well. The remote and hybrid nature of work amid the pandemic has led to an explosion of platforms addressing everything from payroll and benefits to recruiting — and investors are having a heyday. Over the last couple of months, startups like Remote and Gusto have pulled in massive nine-figure investments, and were most recently joined by Personio, which hit a $6.3 billion valuation after raising a mega-round of its own.
Meanwhile, Hibob’s co-founder and CEO Ronni Zehavi says this is just the beginning.
“We are targeting a massive market that is worth tens of billions of dollars,” Zehavi said in a statement. “With this recent funding, Hibob’s plan is to invest significantly in building tools to fit organizations’ evolving needs and acquire great technologies to complement our offerings, while also expanding our global presence to reach more companies and their dispersed teams worldwide.”
The company also appears to be in a massive global hiring spree, with dozens of open tech positions at its offices in NYC, London, Amsterdam, Tel Aviv and Sydney.
