British HR software startup hibob announced on Tuesday that it has raised $US17.5 million (£13.6 million) in funding from the US-based venture capital firm Battery Ventures, Fidelity’s investment arm Eight Roads Ventures, Arbor Ventures, and Bessemer Venture Partners.
This Series A round brings the company’s total funding to $US25 million (£19.4 million). The additional investment will go towards strengthening its core technology, ramping up sales, building stronger strategic partnerships, and expand its operations globally. The startup plans to expand to the US, Asia Pacific, and Israel in 2017.
hibob came out of stealth in June 2016 after raising a $US7.5 million (£5.8 million) seed round. Its product allows companies to more effectively run their human resources department. One of its features helps businesses identify which perks should be offered to an employee based on their situation and passions.
Cofounder and CEO of hibob Ronni Zehavi said in a statement that “we see mobile and social media, the growing Millennial workforce and cloud technologies as major forces for this long-needed innovation. We are honored to have raised additional investment from VCs who were part of our seed round and welcome new visionaries on our journey to reshape the way businesses understand and interact with their employees.”
The company today counts ad agency Wieden+Kennedy as well as Receipt Bank among its clients.
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