Gloat, the leading provider of Workforce Agility software and pioneers of the AI-powered Talent Marketplace, today (Tuesday) announced the closure of $90 million in a Series D financing round led by Generation Investment Management. The round also included participation from Accel, Eight Roads Ventures, Intel Capital, and Lumir Ventures.
Prioritizing the future of the worker
Building and maintaining a productive workforce has always been a challenge for organizations. This challenge has been exacerbated by the pandemic, as more and more companies are realizing that they cannot rely on outdated practices of human capital management for productivity outputs among their employees. Since we are in an economic downturn, with the effects of the pandemic and the Great Resignation, this challenge is more apparent than ever; companies are understanding that there must be an internal shift to ensure that they remain afloat. One way to do so is to prioritize their workers–to understand that within their enterprises, their own workers have talents and skills that could help the company reach its goals. Companies are starting to realize that instead of looking externally to advance, they simply must look within.
The Israeli startup Gloat is helping enterprises adapt to this realization. They have developed a comprehensive workforce agility platform by combining an AI-powered Talent Marketplace with Workforce Intelligence. By breaking down organizational silos, analyzing employees’ skills at scale, and providing crucial insights for strategic talent decision-making, Gloat’s platform empowers businesses to develop and deploy their talent; it allows for the right people to be connected with the right opportunities within an enterprise so that not only can people steer their own careers, but enterprises themselves will achieve true workforce agility. So, their software, not only unlocks thousands of hours of productivity from a company’s existing talent, but it also gives employees career opportunities and saves time and costs on onboarding external candidates. This is crucial because for a company to remain relevant in these uncertain economic times, it must continuously adapt its workforce to the changing needs. This will ensure their success in any market or environment.
In a conversation with Geektime, Gloat’s VP of Business Development, Noam Mordechay, emphasized that “the trends we’re seeing now, with the Great Resignation and post-Covid-19 workplace, may have exacerbated companies to realize the importance of employee development and retention, but it has been an important tool for many years now. Regardless, there is a changed mindset of how organizations choose to stay competitive and ahead of the game; instead of looking for new employees, first, look within.” He continued by saying “What makes Gloat stand out from the rest is not just our ability to help companies tap into their unknown talent, but to have truly pioneered this transformation within organizations. Our know-how, cutting-edge technology, change consultants, and renowned industry leaders allow us to help enterprises increase retention, speed-to-market, productivity, and employee engagement so that companies have the best outcomes. This is what puts us at the top.”
This round of funding brings Gloat to a total of $182 million raised. With the new capital, they will be able to continue to accelerate the evolution of a rich, dynamic, talent-ecosystem for companies like Mastercard, Schneider Electric, PepsiCo, Nestlé, and more. As the changes in the perception of the work model and the constant search for greater flexibility grow around the world, Gloat's customer base has grown 2.5-fold in the past year alone with a threefold increase in ARR. They hope to continue this hyper-growth path and help their clients adapt to the new world of work with the new funds.
Gloat was founded in 2014 by Ben Reuveni (CEO), Danny Shteinberg (CMO), and Amichai Schreiber (CTO). With offices in Tel Aviv and New York, Gloat employs 300 people.