Hibob, a UK-based human resources software provider backed by online recruitment marketplace Seek and conglomerate Sumitomo, raised $150m yesterday in a series C round led by growth equity firm General Atlantic.
Eight Roads Ventures, a venture capital branch of investment and financial services group Fidelity, also took part in the round, as did Bessemer Venture Partners (BVP), Battery Ventures, Entrée Capital and unnamed others, at a $1.65bn valuation.
Founded in 2015, Hibob has developed a cloud-based platform called Bob which includes a suite of human resource tools covering functions like payroll, attendance tracking, performance reviews and staff onboarding. It said its overall funding now stands at $274m.
The funding will be used to develop new work technology modules and support the company’s geographical expansion plans. Seek had co-led its $70m series B round in December 2020 with Israel Growth Partners.
The series B followed a $20 series A-plus round that closed in early 2019 and which included Sumitomo subsidiary Presidio Ventures, Eight Roads, BVP, Arbor Ventures and Battery Ventures. Hibob came out of stealth in 2016 with $7.5m in seed funding from BVP, LocalGlobe and Taavet Hinrikus.
Hibob co-founder and chief executive Ronni Zehavi said: “We are targeting a massive market that is worth tens of billions of dollars, and Hibob is just beginning its mission to penetrate this opportunity.”
