The Venture Codex

Participated · Series B · Dec 2020

HiBob provides an HR product suite called Bob that uses a modular approach to meet the needs of multinational companies seeking agile technology and analytics to support operations across distributed workforces. Companies using Bob can collaboratively adjust processes and keep pace with changes to when, where, and how they work to accelerate hiring, retain talent, upskill staff, and improve employee experience. The company is led by CEO Ronni Zehavi. HiBob serves more than 3,500 customers, including Uala, SugarCRM, The Josh Bersin Company, Fiverr, The&Partnership, and VaynerMedia. It exceeds $100M in Annual Recurring Revenue (ARR). The company plans to use new funds to accelerate product innovation and development, expand into new geographies, and serve customers at enterprise scale as it continues to gain market share globally. HiBob offers a cloud-based HR platform called Bob that automates onboarding workflows, manages timesheets and time-off approvals, conducts surveys and supports other people-management tasks. Founded out of Israel in 2015, the company has benefited from investor interest in HR tech amid growing remote- and hybrid-work trends. HiBob reported its sixth consecutive year of triple-digit revenue growth and said its internal headcount doubled with more than 370 new hires in the past year. The company recently completed a significant funding round that reflects bullish investor sentiment toward its market. HiBob has raised around $425 million since inception and continues to expand its product and team. Its recent valuation increase underscores resilience versus broader market down-rounds and corrections. Hibob sells an all-in-one HR platform called Bob that handles attendance, time off, compensation, payroll, benefits, surveys and collaboration tools. The company positions Bob as a modern, engagement-focused alternative to clunky legacy HR systems and says its mission is to modernize HR technology. Hibob reports triple-digit revenue growth over the last year and serves roughly 1,500 mid-sized customers operating in 134 countries. About 65% of its customers are in the U.K. and other European markets; customers include Ebury Partners Ltd., G.Network, Revolut and Cazoo. The business has roots in Israel, is headquartered in London and maintains an office in New York. The company plans to use the new funding in part to accelerate international growth. Hibob’s bob platform aims to modernize HR by positioning itself as a system of engagement rather than a records system, combining payroll, compensation, onboarding, time-off and benefits with performance and culture features. The product integrates with popular tools such as Slack, Microsoft Teams and Mercer and folds standalone HR capabilities into a single system that includes org charts and analytics for identifying strong performers and flight risks. Hibob focuses on mid-market customers and counts more than 1,000 customers across the U.S., Europe and Asia, including Monzo, Revolut, Happy Socks, ironSource, Receipt Bank, Fiverr, Gong and VaynerMedia. The company reported triple-digit year-on-year growth last year and recently launched a compensation module that the team says was released two months ago and is "on fire." Hibob has roots in Israel and lists headquarters in London and New York; it has raised $124 million to date. The roadmap includes enterprise learning/training (a SuccessFactors-style offering) and additional modules, though the company has faced internal strain after a sexual-harassment incident that led to the removal of a top revenue executive. Hibob provides an HR tech platform designed to attract, retain and grow today’s workforce by streamlining administrative tasks and improving employee experience with tools that deliver actionable insights. The platform offers strategic integrations with Slack, Workable, GreenHouse, Aviva, Canada Life and UNAM. The company serves hundreds of customers, including Monzo, Etoro, Happy Socks, Ironsource, Receipt Bank, Fiverr and Karmarama. Hibob employs 130 people across New York, London and Tel Aviv. Founded in late 2015 and based in Tel Aviv, the company has raised $45m in total funding over three years and is using new capital to scale operations and accelerate penetration in the U.S. and across Europe.