Gloat, the makers of the pioneering AI talent marketplace, today announced that it has raised $25 million in Series B funding to further its mission of democratizing career development, unlocking skills, and enabling enterprises to build a future-proof workforce. The round was led by Eight Roads Ventures, the proprietary investment firm backed by Fidelity, alongside Intel Capital. Existing investors Magma Venture Partners and PICO Partners also participated. The funds will be used to expand Gloat’s New York and Tel Aviv offices with an ambitious hiring plan, and further enhance its HR technology, which has already been implemented by some of the world’s largest employers.
A recent LinkedIn report revealed that 94% of employees would stay at a company longer if it invested in their career. According to the Deloitte Global Millennial Survey 2019, 49% of millennials would happily leave their job within two years, costing employers between 90%-200% of their annual salary. Adapting the workplace to provide employees with the diversity of experience and personal growth they crave is crucial to a business. An additional concern to employers is the perceived unavailability of talent and skills to fill certain positions, a situation that is seen by most CEOs as the biggest threat to their business.
“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.”