Tel Aviv-based HR tech startup Hibob has closed a $150m Series C round, putting its valuation at $1.65b following triple-digit year-over-year growth.

The round was led by General Atlantic, a leading global growth equity firm, with participation from existing investors including Bessemer Venture Partners, Battery Ventures, Eight Roads, Entrée Capital, and others. This round brings the company’s total investment to $274 million since Hibob was founded in late 2015. 

Hibob plans to use the money raised to drive continued global expansion and develop innovative work tech modules that are designed to support customers’ growth. 

This latest round of funding allows the company, which works with VaynerMedia, Happy Socks, and Fiverr among others, to meet the needs of a market that is worth tens of billions of dollars – midsize businesses. With its software it looks to enable more effective collaboration and management not only for HR, but also for leadership, managers, and individual employees.

Ronni Zehavi, Co-founder and CEO of Hibob said, “Our vision is that the ‘bob’ platform will be the last HRIS suite that mid-sized companies will ever need to purchase, and as we continue to listen to our customers, we aim to grow our solutions with them and help propel their businesses forward."

To cater to the rising demand for HR tech tools Hibob plans to make significant investment in innovation. Additionally, it will also be focusing on expanding its global presence to reach more companies and their dispersed teams worldwide.