HiBob secured $150 million in new funding, bringing its total capital raised to $574 million. The company will use the funds for product research and development, expansion into new markets and general operations.
The round was led by Farallon Capital and included Alpha Wave Global and existing investors. It brings HiBob’s estimated value to $2.66 billion, up from $2.45 billion last year. According to UNLEASH, this is the third $150 million round of capital that HiBob has closed since October 2021.
HiBob’s platform allows employers and employees collaboratively adjust their processes and keep up with changes in work. The company claims more than 3,500 customers and $100 million in annual recurring revenue.
Investing in a Promising Market
“The role of technology in human capital management is constantly rising, and HiBob has consistently proven its product excellence as a mission-critical, full-service solution serving a diverse global customer base,” commented Ido Krakowsky.
“The current market conditions for funding are challenging, but our company’s effective growth strategy has attracted top-tier investors,” HiBob CEO and co-founder Ronni Zehavi told the Israeli business newspaper Calcalist. “We are capitalizing on the environment where everyone is reevaluating growth strategies, considering available funds, and we are striving to become a global leader in the recruitment field. Our investors recognize our potential to lead in this category.”
Earlier this month, HiBob announced a partnership with payroll platform Papaya Global to provide multinational employers with compliant HR-integrated payroll solutions. The integration will allow employers to combine HR, PTO and compensation information which will, in turn, allow real-time synchronization of data to consolidate and optimize HR and payroll processes.
The integration aims to alleviate a “significant time-consuming pain point for businesses,” the companies said. Together, the systems will streamline administration, eliminate manual data entry and help ensure compliance with local tax regulations, labor laws and data privacy requirements.