Recruitment technology (software) company Jibe has raised $20 million in a Series C financing round led by new investor SAP Ventures. Jibe’s existing investors, Polaris Partners, DFJ, Gotham Ventures, Longworth Venture Partners and Thrive Capital, also participated in the round. Jibe has raised a total of $37 million in venture funding to date.
Jibe will use the investment to strengthen its market position within the global human capital management (HCM) market, specifically by growing its software engineering, customer success and global sales teams. research firm Gartner estimates the current HCM technology market at $8.2 billion.
"The HCM software market has exploded in recent years as companies search for new technologies to effectively manage recruiting and talent management needs", said Doug Higgins, Managing Director at SAP Ventures.
"As SAP Ventures has gotten to know Joe and his team, we are impressed not only by Jibe’s tremendous growth, but also by its innovative products and blue-chip customer base. Jibe’s focus on delighting enterprise customers clearly sets it apart from the competition. SAP Ventures looks forward to lending our unique experience and connections in enterprise IT to help Jibe solidify its position as a recruiting technology leader."