HR Tech startup Gloat Secures $25 Mn in Series B Funding
AI talent marketplace Gloat has raised $25 Mn in Series B funding to further its mission of democratizing career development, unlocking skills, and enabling enterprises to build a future-proof workforce. The round was led by Eight Roads Ventures, alongside Intel Capital. Existing investors Magma Venture Partners and PICO Partners also participated.
The HR Tech startup will use the proceeds to expand its New York and Tel Aviv offices with an ambitious hiring plan, and further enhance its HR technology, which has already been implemented by some of the world’s largest employers including Unilever and Schneider Electric.
Ben Reuveni, CEO of Gloat stated, “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.”
Founded in 2015, Gloat aims to democratize career development, unlock skills, and help enterprises build a future-proof workforce. The company was founded by Ben Reuveni, Amichai Schreiber, and Danny Shteinberg and is based in New York.
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.
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.
Global industry analyst stated, “Optimizing the company as a talent network is the secret to managing organizations. Platforms like Gloat, which facilitate internal mobility in a strategic and data-driven way, are going to become core to HR and business operations in the future.”
Earlier, career progress was limited to the well-networked and privileged, but now career growth is being democratized as a user-friendly platform and mobile application. A recent LinkedIn report revealed that 94% of employees would stay at a company longer if it invested in their career. Gloat is banking on this need for democratization of career growth to help companies tide over the challenge of providing employees with the diversity of experience and personal growth they crave as well as meeting the employees’ needs to succeed.