Building the exceptional: HiBob raises $150M in new funding round

At HiBob, we lead by example. Everyone from the C suite through the line managers to the employee who just joined contributes to building the exceptional. From our people-first culture, where Bobbers build amazing relationships with one another, to our industry-recognized support for customers and partners, to our trail-blazing Bob platform that shows the world what a flexible, functional, and fun HR system can look like, building the exceptional is one of our core values. 

Others can see we’re building the exceptional, too. This is why I’m ecstatic to share that HiBob has raised $150M in new funding led by Farallon Capital, Alpha Wave Global, and existing investors. Despite headwinds in the market and limited investment activity, these top-tier investors believe in our vision, our Bobbers’ ability to execute, and the strength of our platform. On behalf of all of us at HiBob, I’m grateful for the investors’ backing of our mission to transform the world of work with Bob, the solution that modern organizations need today and in the future.

Primed for success

The world of work is a constantly evolving landscape, which presents exciting opportunities for growth. As business leaders, we are faced with numerous challenges, such as managing teams that span the globe, determining the optimal balance between remote and hybrid work, and strengthening employee retention. To remain flexible and agile, we require technological support that enables us to grow sustainably.

In times of turbulence and in times of growth, our customers rely on Bob to deliver flexible solutions designed to adapt to changing market conditions. We know the market will continue to evolve, and that is why we decided to “play offense” in 2023, placing ourselves in an even stronger position to help our customers achieve their goals. 

Our unwavering commitment to prioritize people and culture, today and in the future, is supported by this new investment. It will enable us to continue delivering our innovative HCM platform to even more modern, mid-size, multi-national organizations with additional product innovation and development to support our growing customer base around the world. 

What’s next for HiBob?

With the current round of funding, we will focus on three key areas to continue providing our customers with the necessary tools and resources to address their challenges.

1. Delivering more value for our customers

Our first focus will be on selling upmarket and increasing our Annual Revenue Per User (ARPU) by launching new modules that provide more comprehensive support for HR leaders throughout the employee journey. With these new modules, Bob will become the de facto “single source of truth,” connecting a wider range of people data and processes across the employee lifecycle. This will result in more profound insights and streamlined, productive HR programs that are transformational for business.

2. Expanding into new geographies

Our next focus is to expand into new geographical locations to bring our visionary world of work to more HR leaders worldwide. Simultaneously, we will be making significant investments in the regions where we currently operate, with the goal of providing enhanced support to our customers, regardless of their location.

3. Growing our ecosystem of partners

Finally, as part of our investment strategy, we are committed to expanding our ecosystem of partners. We are passionate about collaborating with others and firmly believe in the strength of great partnerships. From our technology partners to our HR consultant partners, we will deliver to our customers even greater flexibility in how they choose to implement and integrate Bob. This is central to our offering and reflects our understanding that HR leaders want to flexibly manage their organization’s HR in ways that are best suited to their unique needs. 

Kudos, HiBob village

I’m beyond proud of the village of Bobbers we have around the world. You are instrumental in building the exceptional, and I’m so grateful for each and every one of you. To our new and existing shareholders and partners, thank you for believing in our vision and understanding Bob is the HCM of today and the future. To our more than 3,500 customers, my heartfelt gratitude for trusting us to support you, your HR strategy, and your most important asset, your people.