Recruiting tool company Jibe announced today that it has brought in $20 million in a third round of funding.
Jibe’s main pitch is that it offers its tools in the cloud and on mobile devices.
“Job seekers, recruiters and hiring managers deserve to have simple, easy-to-use solutions, instead of the complicated experience they are forced to endure with today’s legacy enterprise HCM providers,” said Jibe founder and chief executive Joe Essenfeld in an official statement.
Jibe reportedly has over 70 customers around the world, and its annual recurring revenue through the first quarter of 2014 grew 289 percent year-to-year while its contract bookings when up by 219 in the same period.
However, Jibe is definitely not the only company providing cloud or mobile-based tools for corporate recruiting. Only a couple of weeks ago, HR software giant Workday released a mobile recruiting solution that is tightly integrated with its existing software, and a month ago, Work4 announced a new round of funding, also for its cloud and mobile-based recruiting products. Moreover, Work4 counts major companies such as PepsiCo, Staples, Unilever, and Michelin among its customers. And there are many more players in the space.
Jibe said that it will use its new funding to grow it engineering, customer success, and global sales teams. It will also use it to expand internationally and to acquire new Fortune 1000 customers.
SAP Ventures led the round, with existing investors Polaris Partners, DFJ, Gotham Ventures, Longworth Venture Partners, and Thrive Capital also participating. SAP Ventures’ Doug Higgins is joining the company’s board of directors.
“We design software for the people who are going to use it instead of just for the process it solves. By adding a partner as strong and experienced as SAP Ventures, we are poised to accelerate Jibe’s rise to category leader,” Essenfeld said.
Jibe was founded in 2010 and is based in New York City. This new round brings its total to $37 million in venture funding to date.
SAP Ventures, with more than US$1.4 billion under management, is an investment firm that seeks to partner with outstanding entrepreneurs and leading venture firms worldwide to build industry-leading businesses.
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