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HiBob, a cloud-based human resources (HR) platform, today announced that it has raised $150 million in Series D funding at a valuation of $2.45 billion.
This represents a nearly 50% increase from the Series C valuation 10 months ago, which raised $150 million. But perhaps more interestingly, HiBob appears to have bucked a wider trend that has seen startups and benchmarks fall into a sea of correction – last month saw the acquisition of Swedish now, post-fee fintech Klarna. Value fell 85% year over year to $6.7 billion, and payments giant Strip’s own internal valuation fell 28% to $74 billion.
A bully
In the year Founded in Israel in 2015, Hibob’s platform — called Bob — provides HR teams with many of the tools they need to manage their workforce, including automating new hire onboarding workflows, managing timesheets and leave approvals, surveys and more. .
It’s worth noting that Personio, one of HiBob’s rivals in the space, recently raised $200 million at a valuation of $8.5 billion — a 35 percent increase over last year. So it’s clear that investors are bullish about HR tech, especially as businesses move into a new world where remote and hybrid work is becoming the norm and the competition for talent is at a fever pitch.
In fact, HiBob just started its sixth year in a row of “triple-digit revenue growth,” while its internal numbers doubled last year to more than 370 new hires.
“Competition for talent remains strong even in the face of increased market uncertainty,” Hibob CEO and founder Roni Zahavi said in a press release. “Modern businesses that value their capabilities know that HRIS (Human Resource Information Systems) is not just about headcount growth, but about managing effective and active people through expansion and contraction.”
Hibob The Series D round was led by General Atlantic, with participation from Bessemer Venture Partners, among others. Since its inception, the company has now raised $425 million.
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