Gloat Raises $90 Million Series D, Readying Businesses for Today’s Reality of Work

NEW YORK--(BUSINESS WIRE)--Jun 28, 2022--

Gloat, the leading provider of Workforce Agility software and pioneers of the AI-powered Talent Marketplace, today announced its $90 million Series D round led by Generation Investment Management — with participation from Accel, Eight Roads Ventures, Intel Capital and Lumir Ventures. The funding positions Gloat to rapidly accelerate the evolution of a rich, dynamic talent ecosystem that can ride waves of economic growth or adapt to market disruptions.

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Over the last two years, a surge of organizations have determined they can’t rely on the outdated practices of human capital management to build and maintain a productive workforce. Research shows businesses’ operational performance jumps 30% to 50% following an agile transformation*. Since 2015, Gloat has developed a comprehensive workforce agility platform by combining an AI-powered Talent Marketplace with Workforce Intelligence — breaking down organizational silos, analyzing employees’ skills at scale, and providing crucial insights for strategic talent decision-making.

“From the start, we built Gloat to help employees and businesses adapt to a new world of work,” said Ben Reuveni, CEO and co-founder of Gloat. “The pandemic, the Great Resignation and an increasingly likely economic downturn have accelerated this shift. Now more than ever, companies need to understand their own talent's skills and goals so the right people are connected to the right opportunities and enterprise needs. With the Talent Marketplace and Workforce Intelligence, Gloat is empowering people to steer their own careers and organizations around the world to achieve true workforce agility — in any market or environment.”

As one of the earliest dedicated sustainable investors, Generation is committed to investing in companies and teams that are delivering responsible innovation at scale and to driving a sustainable future. Generation selected Gloat as the first investment in its new Sustainable Solutions Fund IV because of a shared goal — to shape a future of work that finally prioritizes the future of the worker.

“The workplace is undergoing profound change,” said Shalini Rao, Growth Equity Manager at Generation Investment Management. “For many employers it has been a surprise, but Gloat saw this coming years ago. Through its Workforce Agility system and Talent Marketplace, Gloat is unlocking thousands of hours of productivity from internal talent, connecting employees to career opportunities once out of reach, and reducing the cost of onboarding outside candidates.”

Forward-thinking enterprises like Mastercard, Unilever, Schneider Electric, Seagate, Nestlé, Novartis, Standard Chartered Bank and HSBC have already collaborated with Gloat to realize the measurable impact of workforce agility:

  • INCREASING RETENTION: During the pandemic, Seagate launched a talent marketplace to effectively redeploy talent to areas of critical need. As 88% of employees registered in just four months, the company redeployed an average of two people per day.
  • INCREASING SPEED-TO-MARKET: Mastercard wanted a more effective way to optimize their talent for critical projects. They analyzed the skills, experiences and career aspirations of their entire workforce, connecting over 24,000 employees to internal job recommendations, gigs, upskilling opportunities and mentors — driving $21 million in value for the business in less than one year.
  • INCREASING PRODUCTIVITY: Unilever equipped their workforce with future-fit skills while engaging employees with internal opportunities that aligned to their sense of purpose. As a result, they unlocked over 750,000 working hours toward more than 4,000 projects.
  • INCREASING EMPLOYEE ENGAGEMENT: Schneider Electric gave their employees the means to drive their own growth and access new career paths. They reduced the time for employees to discover a development opportunity from two weeks to as little as two minutes, and registered over 80,000 people to their Talent Marketplace. As a result, they maintained retention rates steadily throughout the Great Resignation.

As some of the world’s largest employers continue to seek a more agile operating model amid this uncertain market, Gloat’s customer base has grown 2.5x, ARR 3x, and employee count by 50% in the last 12 months. Users in over 120 countries now leverage Gloat’s platform.

About Gloat

Gloat is an industry-leading Workforce Agility Platform that enables businesses to move like a startup and deliver like an enterprise. Bringing together the world’s first AI-powered Talent Marketplace with rich, dynamic Workforce Intelligence, the Gloat platform empowers businesses to develop and deploy their talent, while continuously understanding and adapting their workforce to changing needs. With Gloat, businesses are ready to navigate change at speed, retain critical skillsets, and design a future-proof workforce.

Gloat is trusted by some of the world’s leading global enterprises, including Unilever, Schneider Electric, Mastercard, Standard Chartered Bank, PepsiCo, Nestlé, Novartis, HSBC, Seagate, and many more.

To learn more about Gloat, visit www.gloat.com.

About Generation Investment Management

Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a US presence in San Francisco, with more than $36 billion of assets under management (as of 31 March 2022).

For further information, please visit www.generationim.com.

* McKinsey.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220628005390/en/

CONTACT: Media Contact

Daniel Norton

Global Communications Manager

(929) 314-4250

[email protected]

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SOFTWARE HUMAN RESOURCES START-UP ARTIFICIAL INTELLIGENCE DATA MANAGEMENT SMALL BUSINESS PROFESSIONAL SERVICES TECHNOLOGY

SOURCE: Gloat

Copyright Business Wire 2022.

PUB: 06/28/2022 09:00 AM/DISC: 06/28/2022 09:02 AM

http://www.businesswire.com/news/home/20220628005390/en

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