Cloud-based human useful resource (HR) platform HiBob as we speak introduced that it has raised $150 million in a Sequence D spherical of funding at a $2.45 billion valuation.
This represents an almost 50% enhance compared to its Series C valuation round just 10 months ago, when it additionally raised $150 million. However maybe extra curiously, HiBob appears to have bucked a broader pattern that has seen startups’ and scaleups’ valuations sink in a sea of corrections and down-rounds — up to now month, Sweden’s buy-now, pay-later fintech Klarna saw its valuation drop 85% to $6.7 billion in the space of a year, whereas funds large Stripe has apparently seen its own internal valuation fall 28% to $74 billion.
Bullish
Based out of Israel in 2015, HiBob’s platform — which it calls Bob — offers HR groups most of the instruments they should handle their workforce, together with automating onboarding workflows for new-hires, managing timesheets and time-off approvals, conducting surveys and extra.
It’s price noting that considered one of HiBob’s rivals within the area, Personio, not too long ago raised $200 million at an $8.5 billion valuation — a 35% increase on the past year. So it’s clear that buyers are fairly bullish about HR tech, significantly at a time when companies are navigating a brand new world the place remote- and hybrid-working has more and more grow to be the norm, and competition for talent has reached fever pitch.
Certainly, HiBob stated it has simply come off the again of its sixth yr in a row of “triple-digit income development,” whereas its inside headcount has doubled with greater than 370 new hires up to now yr.
“The competitors for expertise stays intense even within the midst of accelerating market uncertainty,” HiBob CEO and co-founder Ronni Zehavi stated in a press release. “Fashionable companies that worth their expertise know that HRIS (human useful resource data methods) will not be merely about headcount development, however relatively about efficient and proactive folks administration during times of enlargement and contraction.”
HiBob’s Sequence D spherical was led by Normal Atlantic, with participation from Bessemer Enterprise Companions, amongst others. The corporate has now raised round $425 million since its inception.
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