Israeli startup Gloat, which developed an AI talent marketplace for career opportunities, announced this week that it raised $25 million in Series B funding. The round was led by Eight Roads Ventures, with participation from Intel Capital, and existing investors Magma Venture Partners and PICO Partners.
Founded in 2014, Gloat’s AI-powered internal talent marketplace provides full visibility on an individual’s career path, analyzing possible career options and following the achievements of an employee from their first day at the company. It then proactively matches employees with internal part-time projects, full-time positions, mentorships, and job swaps so they can grow and gain targeted skills and expand their network.
Gloat, formerly Workey, said the funds will be used to expand its New York and Tel Aviv offices and further enhance its HR technology.
The company works with over 300 companies, including WeWork, Dell, and Unilever.
“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,” said Ben Reuveni, CEO of Gloat. “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 stands out as a unique solution in the market and we’ve been amazed by the company’s rapid traction and its long list of exciting enterprise prospects,” said Davor Hebel, managing partner at Eight Roads Ventures. “The company’s approach enables businesses to seamlessly adapt to current workplace trends, ensuring employers meet employees’ needs to succeed.”
Trina Van Pelt, senior managing director and VP at Intel Capital said, “Gloat’s AI-powered talent management platform is quickly establishing itself as an important pillar for the human capital transformation imperatives of leading global enterprises. We’re looking forward to being part of how Gloat is bringing innovative new solutions to the future of work.”
This summer, Gloat was named among the 10 “hottest” startups in Israel by the UK edition of the renowned American tech magazine WIRED as part of its yearly round-up of Europe’s 100 “hottest startups” for 2019.
Last year, Gloat was named to Fast Company’s “World’s Most Innovative Companies” for 2018.