A lot of the focus in recruitment these days has been on better technology to connect people to job opportunities at new organizations, but that also leaves a wide opening to focus on one of the other big funnels for finding work: internal transfers. Today, a startup that is building tools to impro…
A lot of the focus in recruitment these days has been on better technology to connect people to job opportunities at new organizations, but that also leaves a wide opening to focus on one of the other big funnels for finding work: internal transfers. Today, a startup that is building tools to improve that experience is announcing a big round of funding to expand its business.
Gloat, which has built an AI-based platform that it sells to organizations to power their internal job boards, has picked up $57 million in funding, money that it will be using to continue business development, as well as to continue adding more features to its own platform, for example to expand deeper into openings for contractors and to open up more opportunities for secondments at other businesses, and to extend into front-line positions alongside the knowledge worker roles for which the AI is currently optimized — in short, to improve career agility for people embedded at, and valued by, an organization, who may want to explore opportunities there instead of, or even alongside, looking elsewhere.
Accel is leading this Series C round, with previous backers Eight Roads Ventures (backed by Fidelity), Intel Capital, Magma Venture Partners and PICO Partners also participating.
Gloat is not (ahem) gloating about its valuation, but we understand that it is in the region of around $400 million (but note, it’s a wide region, so might be as low as $300 million or as high as $500 million: we’ll update when and if we learn more). The Tel Aviv-based startup has raised $92 million to date and counts big companies like Unilever, Pepsi, MetLife, HSBC and ADP among its customers.
Ben Reuveni, Gloat’s CEO who co-founded the business with Amichai Schreiber and Danny Shteinberg, said he got the idea for the company while working as an engineer focusing on storage at IBM after IBM acquired a smaller company where he was working. This was his first job after spending time in Israel’s IDF, and so after six years of working first for the startup and then IBM in effectively a similar role, he had itchy feet and wanted to do more.
But the problem, he said, was that although IBM did have internal job boards, it was hard to see how his expertise mapped on to the opportunities that were available. And that is before you consider the interface or any of the other aspects of user experience of using these tools. On top of this, when you are considering large enterprises the size of IBM, chances are that they are not focusing too much on individualized career development or talent retention for most people at the lower end of the wider pay scale.
“I really had only two options available to me,” he said. “Look for new jobs outside the company, or try to look internally. The fact was that exploring outside was easier than looking internally.”
It turns out that his experience was not unique. Internal job boards, he said, typically have atrocious engagement, in the single-digit percentage of staff.Gloat raises $57M to reinvent the internal job board View Story