HR platform HiBob raises $150M Series D funding

Human resources platform HiBob has raised an additional $150 million in Series D funding to help support its market leadership.

The company recently closed its $150M Series C raise in October last year.

Led by General Atlantic, a leading global growth equity firm, 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.

This latest growth investment is intended to support HiBob in capitalising on its market leadership as the company continues to execute on key business priorities in the current market environment.

HiBob provides midsized and sub-enterprise businesses that employ many hundreds of people with a HR system that allows them to refine and optimise their people operations as efficient growth becomes a dominant theme across industry sectors.

Damien Andreasen, ANZ country manager, HiBob said the company’s regional success comes down to the fact that there’s no HR tech company in Australia that caters to mid-market.

“We understand that the HR challenges facing a mid-sized organisation are very different to those facing small and large organisations. As a result, we’ve signed a great number of new customers over the past year, and our customer acquisition projections are extremely healthy for the next 12 months — despite a global economic downturn.

“This funding round enables HiBob to inject even more resources into Australia, through hiring new people across the board, evolving our product capabilities, and supporting our existing customers.”

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.

Ronni Zehavi, CEO and co-founder of HiBob said the competition for talent remains intense even in the midst of increasing market uncertainty.

He said, “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 super power 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. “

Anton Levy, co-president, managing director and global head of technology investing at General Atlantic said business leaders of midsize companies understand the mission-critical role a flexible HR technology platform can play in managing their teams.

He said, “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.”

HiBob has offices in Sydney.