Existing backers Polaris Partners, DFJ, Gotham Ventures, Longworth Venture Partners and Thrive Capital also participated in the round, which brought Jibe’s fundraising total to $37m.
The company said it will use the funds to expand its software engineering and sales teams.
Jibe noted that the HCM software market is currently estimated to be worth $8.2bn.
SAP Ventures managing director Doug Higgins said, “The HCM software market has exploded in recent years as companies search for new technologies to effectively manage recruiting and talent management needs.
“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.”
Last year software group SAP agreed to commit $650m to SAP Ventures’ second direct investment vehicle.
SAP Ventures is an independent firm having spun out from SAP, but counts its parent company as its only limited partner.
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