HiBob’s latest raise, a Series D round, was led by General Atlantic at a $2.45 billion valuation. Bessemer Venture Partners and a number of existing investors participated as well. According to the startup, its valuation is now 50% higher than after its previous $150 million funding round.
HiBob, incorporated as Hi Bob Ltd., provides a cloud-based HR platform for companies with several hundred to a few thousand workers. The platform enables HR teams to perform day-to-day tasks such as payroll processing and benefits management in a centralized dashboard. HR professionals can store the business records they generate as part of their work in a built-in data repository.
HiBob has incorporated a set of automation features into its platform to save time for users. According to the startup, its platform can automate several of the repetitive manual steps involved in tasks such as onboarding new employees. HiBob includes features that reduce the need for manual data entry and enable HR teams to create templates that speed up the creation of commonly used documents.
For workers, HiBob provides a homepage that makes it possible to access company information and business updates. Workers can also participate in surveys organized by the HR team. HiBob’s platform includes a built-in survey tool that enables HR professionals to collect worker feedback without having to use a separate third-party software product.
HR teams generate a significant amount of data as part of their day-to-day work that can contain useful business insights. To help companies extract those insights, HiBob has combined its payroll management features and other core capabilities with an array of analytics tools.
HiBob’s platform can analyze feedback collected through worker surveys to identify the most commonly recurring requests. Similarly, the platform is capable of analyzing organizational data such as workforce changes. HiBob can, for example, highlight business units with a high rate of employee attribution or point out the division that is experiencing the fastest workforce growth.
“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,” said HiBob co-founder and Chief Executive Officer Ronni Zehavi.
On occasion of its latest $150 million funding round, HiBob disclosed today that it has achieved “triple-digit revenue growth” in each of the past six years. The startup didn’t share absolute numbers. However, HiBob detailed that its platform is used by more than 2,500 companies worldwide, including a long list of venture-backed software startups.
HiBob has hired 370 workers since the fourth quarter of 2021 and more than doubled its workforce in the process. The company plans to continue the growth initiative using its latest funding round by opening several new branch offices over the next two years.
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