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Mid-Market HR Tech Leader HiBob Adds $150M in New Round of Funding to Support Continued Expansion
News provided byHiBob
Sep 19, 2023, 8:00 AM ET
Investment enables HiBob to enhance its HR product suite and accelerate global expansion, further solidifying the company's position as the platform of choice for modern, mid-size, and multinational organizations
NEW YORK and LONDON, Sept. 19, 2023 /PRNewswire/ -- HiBob, the company behind 'Bob', the HR platform transforming how organizations operate in the modern world of work, today announced it has secured $150M in new funding in a round that was led by Farallon Capital and included Alpha Wave Global and existing investors.
In the constantly evolving world of work, companies increasingly require strategic adaptability to address the changing needs of their organizations. Business leaders face a dynamic set of challenges — such as managing global teams, balancing remote and hybrid work modalities, and improving talent retention – requiring them to seek a new HR technology stack that enables organizational flexibility and agility to drive sustainable growth.
HiBob offers customers an alternative to legacy Human Capital Management (HCM) platforms, enabling HR leaders, managers, and employees to collaboratively adjust their processes and keep pace with changes to when, where, and how they work. With more than 3,500 customers now onboard, HiBob continues to deliver powerful growth even amidst volatile market conditions, exceeding $100M in Annual Recurring Revenue (ARR) less than three years after celebrating its $10M ARR milestone.
The new funding brings HiBob's total capital raised to $574M. Supporting HiBob's mission to help companies put people first and make culture a competitive edge in the future of work, this investment will maximize HiBob's ability to deliver its best-in-class, flexible HCM platform to modern, mid-size, and multinational organizations. Further, it enables HiBob to accelerate its investment in product innovation and development, expand into new geographies, and increasingly serve customers at enterprise scale as it continues to gain market share globally.
"The role of technology in human capital management is constantly rising, and HiBob has consistently proven its product excellence as a mission-critical, full-service solution serving a diverse global customer base," said Ido Krakowsky, Investment Director at Farallon Capital. "In a dynamic environment, HiBob enables HR leaders to serve an increasingly strategic function and adapt nimbly to evolving HR priorities. HiBob has established itself as the go-to option for organizations looking to streamline HR processes while emphasizing talent retention, employee engagement, and data-driven decision making. We look forward to working with Ronni and the team as HiBob enters this next stage of growth."
"Our partnership with Farallon Capital and Alpha Wave Global is a testament to our continued leadership in the HCM software category. Modern HR leaders support teams across the business and across the globe, delivering agile, data-driven people solutions to today's toughest business challenges. HiBob is enabling these teams with powerful HCM capabilities, helping our customers drive engagement and keep their people at the center of every strategic initiative. In a challenging economic climate, this new funding reflects the strength of our strategy, our business, and our ability to deliver results. We value the trust that Farallon Capital, as well as our existing shareholders, have placed in us," said Ronni Zehavi, CEO and Co-Founder at HiBob.
HiBob has been named to the 2022 and 2023 Forbes Cloud 100, as well as TIME Magazine's List of 100 Best Inventions of 2022. The Company recently received four HR Tech 2023 awards from Lighthouse Research, including Best Global Solution for Core HR, and was recognized earlier this year by Ventana Research as a Value Index Leader.
About Farallon Capital:
Farallon Capital Management, L.L.C. is a global institutional investment management firm founded in 1986. Managing approximately $39 billion in capital and commitments, it is headquartered in San Francisco and has offices in London, New York, Singapore, Hong Kong, Tokyo and São Paulo. Farallon Capital Management has a decades-long track record of forging long-term relationships with leading management teams of high-quality businesses in both the private and public markets. More information about the Farallon is available at www.faralloncapital.com
About Alpha Wave global:
Alpha Wave is a global investment company that has three main verticals; private equity, private credit, and public markets. Its flagship private equity fund, Alpha Wave Ventures, aims to invest in best-in-class growth stage companies and endeavors to be helpful, long-term partners to exceptional founders and management teams. Alpha Wave was founded and is led by Rick Gerson, Navroz Udwadia, and Ryan Khoury and has offices in New York, Miami, London, Monaco, Madrid, Abu Dhabi, Tel Aviv, Bangalore, Jakarta, and Sydney.
HiBob is at the forefront of HR innovation, transforming the way organizations operate in the modern world of work with its award-winning HCM 'Bob'. Its modular approach caters to the needs of multinational companies seeking agile technology and robust analytics to support operations across distributed workforces in the ever-evolving economic and workplace landscape. Companies using Bob are able to accelerate hiring, retain the best talent, upskill staff, and elevate employee experience.
More than 3,500 global businesses serving hundreds of thousands employees worldwide - including Uala, SugarCRM, The Josh Bersin Company, Fiverr, The&Partnership, and VaynerMedia - appreciate its ease of use, high configurability, and the ability to customize based on business requirements. The platform's high adaptability and focus on people engagement and community creation are seen in its consumer-grade user interface, providing easy access to HR processes while fostering engagement.
Awarded one of the best places to work in 2023, HiBob's global team of "Bobbers" come together to build the exceptional in an inclusive and empowering culture.
For more information about HiBob, visit www.hibob.com
For Farallon Capital
Steve Bruce / Taylor Ingraham
Global Press Office
1 203 992 1230
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