Round led by Accel will accelerate product innovation and meet surging demand following 4x year-over-year customer growth
Gloat, pioneers of the Talent Marketplace platform that is reinventing work and careers in global enterprises, today announced a $57M Series C funding round led by Accel, with participation from existing investors Eight Roads Ventures, Intel Capital, Magma Venture Partners, and PICO Partners. With total funding of $92M, the company will accelerate product innovation and market expansion as it aims to bring workforce agility to every enterprise and more dynamic careers to every individual.
Gloat was founded in 2015 by Ben Reuveni, Amichai Schreiber and Danny Shteinberg, with the belief that the traditional approach to work, jobs and careers that has been at the heart of enterprise operations since the industrial revolution is now holding businesses and their people back. In an age where the speed of change demands greater agility and adaptability than ever before, enterprises need a more agile operating model. That is why Gloat built the Talent Marketplace – an AI-powered platform that dynamically connects employees with internal work and development opportunities like projects, full-time roles and mentorships that align to their skills and aspirations. The Talent Marketplace helps enterprises break down operational silos and quickly draw on talent from across the business, while democratizing career opportunities for employees and empowering them to navigate more dynamic, experience-driven careers on their own terms.
Leading global enterprises such as Unilever, Schneider Electric, Seagate, Nestlé, Novartis, MetLife, HSBC, and ABInBev are benefiting today from Gloat’s platform. Within four months of deploying Gloat, Seagate Technology saved $1.4 million by efficiently managing and deploying talent. Unilever has been able to resource more than 4,000 business projects (equivalent to over 500,000 working hours), 60% of which included talent from a mix of business functions and geographies. Projects at the consumer goods giant included a new ice cream product launch that broke time-to-market records and launches of dozens of new hygiene products to meet surging demand amid the COVID-19 pandemic.
“We’re living through a paradigm shift in the way leading enterprises are managing talent and work within their organizations. Traditional silos, rigid hierarchies and legacy HR technologies keep employees trapped, with limited opportunities for growth, and slow organizations down,” said Gloat CEO and Co-Founder Ben Reuveni. “The most forward-thinking and future-ready companies are breaking down these silos and embracing a more agile approach to workforce management powered by the Talent Marketplace.”
The urgent need to respond to change amidst the pandemic was an accelerant for many organizations to embrace a more agile operating model with the Talent Marketplace, as Gloat’s customer base grew 4x, ARR grew 5x, employee count tripled, and Gloat’s user base expanded to more than 120 countries. Gloat’s new funding comes as businesses are emerging from pandemic lockdowns and having to once again adapt to a new world of work.
“As companies are adapting their workforces to be more flexible and take advantage of remote workers, new tools are needed to optimise productivity and ensure equality of opportunities,” said Philippe Botteri, Partner at Accel. “Gloat pioneered the Talent Marketplace to solve that, and it’s now becoming a strategic tool for global enterprises. Some of the world’s largest, most forward-looking companies are benefiting from the workforce agility enabled by Gloat’s AI-powered platform. The Accel team is looking forward to partnering with Gloat on the next stage of its journey, bringing this fundamentally new way of developing talent and managing work to every global enterprise.”
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