Israeli human resources technology platform Gloat today announced that it has raised $25 million in Series B funding led by Eight Roads Ventures, and with Intel Capital as well as existing investors Magma Venture Partners and PICO Partners. The company said that it will use the funds to expand its New York and Tel Aviv offices and further enhance its HR technology, which has already been implemented by some of the world’s largest employers.
Gloat CEO Ben Reuveni said, "Our technology solves a problem that costs large enterprises on average $400 million annually in costs associated with retention while increasing employee satisfaction - a win-win by everyone’s standards. As the first in our field, we are proud to be leading the way in helping enterprises evaluate their workforce, as individuals with unique skill sets and ambitions pave the way to maximize output while also increasing employee engagement. The momentum we’ve achieved in the last year and the increasing demand we’re getting from the market proves that our solution is at the forefront of the future of work."
Gloat’s AI-powered internal talent marketplace provides full visibility on an individual’s unique career path, by analyzing different possible career options and following the achievements and aspirations of an employee from their first day at the company. It then proactively matches employees with internal part-time projects, gigs, full-time positions, mentorships, and job swaps so they can grow and gain targeted new skills, while also expanding their network. Previously, career progress was limited to the well-networked and privileged, now career growth is being democratized as a user-friendly platform and mobile application. Gloat also enables enterprises to gain real-time insights into their internal talent pools and impending skills gaps, providing managers with the frictionless access to the skills they need without the need for costly external recruitment.
Published by Globes, Israel business news - en.globes.co.il - on December 17, 2019
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