HiBob, an Israeli cloud-based human resources platform, has successfully raised an additional $150 million in capital for 2023, just 10 months after their last round of funding was secured, according to a statement released by the company.
The company announced that they matched their 2022 amount last week, bringing the company's capital total to about $574 million. The company says the continued fundraising will allow them to continue to build platforms and enhance the skillsets of employees.
They are also optimistic that this funding will help expand the platform's abilities and products available.
"I am proud of the employees of the company who succeed with great talent, dedication and creativity in leading the company to extraordinary achievements and continuous growth for eight years," Roni Zahavi, co-founder and CEO of HiBob, said following the campaign's closure. "The current recruitment is further proof of the great trust we receive from our investors and customers and of the desire of the company's management to maintain job security for our employees."Zahavi said "[This] round took place during a challenging time for the high-tech industry in the whole world and in Israel in particular in view of the political situation. We have had dozens of conversations in recent months with investors and advisors from around the world who expressed great appreciation for the determination shown by a part of society in Israel in its fight against the regime changes, and the strong impression from the place that high-tech companies are taking in the fight for the democratic image of the country."
High-Tech is one of Israel's greatest resources
Zahavi noted that the high-tech industry is a crucial part of Israel's economic development.
"Israeli high-tech companies are the leaders in their field in the world and the concept of the Start-up Nation was born with great effort, for decades, by some of the best workers in the world," he said in a statement. "I have every hope that the State of Israel will get back on track and we will continue to utilize the great talent that exists here in useful ways that will make the world a better place for all of us. I am a Zionist and an Israeli patriot and I will fight for the image of Israel as a democratic and liberal country, so we can continue to grow world-leading companies here in the decades to come."
HiBob employs just under 1000 employees, clocking in at 800 in 12 different offices across the world. The company is still growing, especially with millions of dollars in annual recurring revenue.
Workplaces are constantly evolving, as is the need for businesses to invest in human resource technologies to help manage employees and their work alike.
Ido Krakowski, investment manager at Farallon Capital, which was instrumental in the initial fundraising for the company said: "The role of technology in human capital management is growing at a significant rate, and HiBob consistently proves its excellence. The company's rapid growth relies on its capabilities, the richness of the platform, and customer service that meets the needs of global customers."
Krakowski also said that "in a dynamic and competitive environment against huge global players, HiBob has established itself as the preferred option for modern, global organizations, with hundreds and thousands of employees who wish to continue growing while emphasizing occupational diversity and employee retention."