Gloat, the HRtech startup based in Tel Aviv and New York, has raised $25 million from Eight Roads Ventures and Intel Capital to continue building its talent management and career development platform. Existing investors Magma Venture Partners and PICO Partners also participated in the round.
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.
In an era when workers are willing to jump ship if the employer doesn’t invest in career development, Gloat believes its solution will save companies a ton of money on employee turnover, while empowering current employees to achieve their goals.
“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,” explained 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.”
Founded in 2015, the software is currently used by some of the largest employers in the world, including Unilever and Schneider Electric. “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, Eight Roads Ventures. “The company’s approach enables businesses to seamlessly adapt to current workplace trends, ensuring employers meet employees’ needs to succeed. We are excited to be partnering with Gloat’s talented team and look forward to using our global network and expertise to support them as they scale.”
The new funding will help the company follow an “ambitious hiring plan” to expand the New York and Tel Aviv offices, as well as continue developing its HR technology.