Cloud-based HRTech platform HiBob has secured a further $150 million in new funding from a round led by Farallon Capital, according to a statement from HiBob.

HiBob, founded in Israel in 2015, provides HR teams with tools to manage their workers. It offers an alternative to human capital management platforms, to allow them HR managers and employees to work together to adjust employment processes and keep up to date with changes to how, where and when they work.

The company said the funds will be used in three ways. To deliver more value for its customers by targeting an increase in average revenue per user by launching new modules, Secondly to expand into new territories and invest more in the areas it already operates in and thirdly by growing the number of partners it collaborates with. It will also allow HiBob to accelerate its investment in product innovation and development.

The funding round also included contributions from Alpha Wave Global and existing investors. It is the third in two years that the company has raised this amount, following an earlier Series D funding round in August 2022 and Series C round in October 2021. The company has now raised $574 million in total.

The company has over 3,500 customers and now earns more than £100 million in annual recurring revenue (ARR) less than three years after reaching £10 million in ARR.

“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,” said Ido Krakowsky, Investment Director at Farallon Capital.

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