- HiBob, an HR tech company, has raised $150 million in fresh funding.
- The company’s Series D raise comes 10 months after its last $150 million round.
- HiBob’s deal was led by General Atlantic and increases the company’s valuation to $2.45 billion.
HR tech company HiBob has raised $150 million in Series D funding, its second raise in 10 months, from General Atlantic.
Founded in 2015, HiBob positions itself as an all-in-one platform for mid-sized employers offering payroll, onboarding, benefits, and employee engagement software like surveys. Its customers include businesses like UK banking startup Monzo, events business Hopin, and used-car sales platform Cazoo.
Founded in Israel, but with HQs in London and New York, HiBob wants to be the leading global player in a world of domestic champions, the company’s CEO and cofounder Ronni Zehavi told Insider. The company previously raised $150 million in October 2021 in a round also led by General Atlantic. The new round increases Hibob’s valuation from $1.65 billion to $2.45 billion.
“In the midst of 2021, I got weekly calls from SPAC investors trying to go for shortcuts, I knew it was a bubble and it didn’t make any sense with the unrealistic valuations all around us,” Zehavi told Insider, adding that the cash injection could fund acquisitions as well as operations and expansion.
Part of the company’s growth aspirations come on the back of doubling its workforce in the past 12 months and opening regional offices in new markets across Europe, Australia, and the Middle East. To date, HiBob has focused on small- and medium-sized businesses but Zehavi told Insider that the company’s ambition was to grow its offering within its existing market and also target enterprise customers.
The deal stands out amid the tech valuation slump.
“We’ve raised the bar of where we invest money in light of the market downturn and worked out who our best founders are, Ronni is in that category for us,” General Atlantic’s managing director Anton Levy told Insider.
Previous backer Bessemer Venture Partners also participated in the round, which takes HiBob to $424 million raised to date.
Check out the company’s pitch deck below: