Malaysian online startup for HR services aimed at the largest Asian SMEs, particularly Singapore and Korea, Swingvy, has recently announced a successful Series A funding of $7 million, spearheaded by Samsung Ventures.
The funding round, which saw Samsung Ventures’ first ever investment in Southeast Asia, was also participated by Aviva Ventures, Bass Investments, Walden International, and Big Basin Capital.
The startup defines itself as a SaaS company that connects and automates HR, payroll and employee benefits on one platform. It allows businesses to manage the three functions independently with more flexibility, convenience and savings in cost and time.
Swingvy has also developed a mobile app for users.
“While HR tech is a fast-growing sector in the US, it has not been highlighted in the APAC region especially for small companies. They often struggled with manual HR processes or using complex and expensive software,” said Jin Choeh, Co-founder and CEO of Swingvy.
Launched in late 2016, Swingvy has acquired over 5,000 companies and has grown 390 per cent year-over-year in revenue last year. It also launched Employee Benefits, which offers and recommends a group insurance plan for companies through an instant quotation and by automating the entire manual process. The new round of funding allows the company to accelerate growth and expansion into the Asia Pacific region, starting with Taiwan, as well as grow its team for on-going product innovation and development, Swingvy said in a statement.
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