Despite economic headwinds, the HR tech market continues to boom in 2023.

The latest evidence of this comes from Israeli-headquartered human capital management (HCM) unicorn HiBob.

HiBob has just closed its third $150 million investment round in three years – the others were in Oct 2021 and August 2022.

The latest round was led by Farallon Capital, Alpha Wave Global, and existing investors, and brings the HR tech giant’s total funding to $574 million.

This investment also comes as HiBob has reached a milestone of 3,500 customers – examples include VaynerMedia, McLaren, and SmartRecruiters – as well as achieving $100 million in annual recurring revenue (ARR). Just three years ago, the HR tech giant’s ARR was $10 million.

Talking about the investment, Ido Krakowsky, investment director at Farallon Capital, noted: “The role of technology in human capital management is constantly rising.

“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…the team as HiBob enters this next stage of growth.”

Writing on LinkedIn about the investment round, HiBob co-founder and CTO Israel David shared:

A bright future for HCM

Talking exclusively to UNLEASH, HiBob CEO and co-founder Ronni Zehavi shares: “While it is a challenging market right now, the strength of our strategy, business and ability to deliver results has enabled us to raise funds – and in my opinion, it’s better for businesses to raise money when they can, rather than when they need too.

“As a result, the new funding will enable us to continue our momentum and be in an even stronger position when the market opens up again and companies are thinking about talent strategies and investing in technology.”

HiBob is planning to spend this influx of funding on better serving its customers – HR leaders – by innovating its product suite – the ultimate is to transform its Bob platform into a single source of truth for HR leaders, and to drive a more streamlined experience for employees.

Zehavi adds: “We understand that HR leaders face a dynamic set of challenges, and over the coming months, we’ll be using the funding to expand into new markets, accelerate partnerships and invest in artificial intelligence.

“HR leaders should expect us to be ready for when the winds change.”

HR tech at UNLEASH World

HR tech is UNLEASH’s bread and butter. Tech, AI and automation will dominate the conversation at UNLEASH World 2023. 

It’s not too late to grab your ticket, and hear how YOU can leverage AI to your organization’s advantage from industry stalwarts like Josh Bersin, Anika Grant and Vincent Belliveau!