Bessemer leads $7.5m round for Hibob

LocalGlobe, the London-based VC founded by former Index Ventures general partner Saul Klein, also took part in the round, alongside various angel investors.

The fresh capital will enable Hibob to roll out its platform in the UK. The company is initially looking to capitalise on the requirement of SMEs to comply with new pension auto-enrolment regulations.

Hibob co-founder and CEO Ronni Zehavi told unquote" that, while the company's initial focus is on expansion within the UK market, the platform was designed to enable adaption for new markets and territories.

The transaction marks Bessemer's second European investment of 2016, having backed Berlin-based internet security business ZenGuard in February.

Company
Headquartered in London and founded in September 2015, Hibob has developed HR software specifically targeting the SME market. The cloud-based platform enables companies to streamline and personalise processes including staff pensions, medical insurance, benefits, holiday booking, document sharing and payroll.

Hibob recently secured its first paying customer and has worked alongside 150 businesses during its testing phase. It targets companies with 40-150 employees, where it says 90% of businesses rely on spreadsheets for their HR purposes.

Hibob has a headcount of 40, including additional developers in Tel Aviv.

People
Bessemer Venture Partners – Adam Fisher (partner).
LocalGlobe – Saul Klein (partner).
Hibob – Ronni Zehavi (CEO).

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• Topics
• Expansion
• UK / Ireland
• Technology
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• Bessemer Venture Partners
• United Kingdom