Hibob, a London-based HR startup whose main competitor is the Excel spreadsheet, has raised $17.5m (£13.6m) in a Series A funding round.
The latest round is led by US-based Battery Ventures with additional participation from Eight Roads Ventures, the investment arm of Fidelity International and Arbor Ventures, as well as Bessemer Venture Partners, which led the company’s seed round of $7.5m in June last year.
The latest announcement brings Hibob’s total funding to $25m.
Hibob will use the funding to “expand its operations globally by the end of 2017”, Ronni Zehavi, co-founder and CEO of the HR platform told City A.M.
“We are already in Israel and are looking to expand further into the US, more countries in Europe and Asia-Pacific.”
Zehavi added that Hibob is trying to help firms ditch outdated HR systems.
“Our main competitors are Excel spreadsheets... in some other cases Hibob’s competitors are the outdated, siloed systems and practices that companies have been using for the past 10 years.”