HR tech firm Gloat raises $25 mln led by Intel, Eight Roads

JERUSALEM, Dec 17 (Reuters) - Gloat, whose human resources technology can help firms retain employees, said on Tuesday it raised $25 million in a private funding round led by Eight Roads Ventures and Intel Capital.

Existing investors Magma Venture Partners and PICO Partners also participated in the round, the company said.

The funds will be used to expand Gloat’s workforce in its New York and Tel Aviv offices and enhance its technology, which it said has already been implemented by large employers including Unilever.

Gloat cited a survey that said nearly half of millennials were happy to leave their jobs within two years at a large cost to the company.

“Our technology solves a problem that costs large enterprises on average $400 million annually in costs associated with retention, while increasing employee satisfaction,” said Ben Reuveni, Gloat’s chief executive officer. (Reporting by Steven Scheer; Editing by Tova Cohen)