Swingvy, the Malaysia-headquartered HR-tech platform, has recently become the premiere startup in the Southeast Asian region to earn the backing support for Samsung Ventures in its $7 million Series A funding round.
What does that mean for the startup? For now, the relationship is purely financial rather than strategic, said Jin Choeh, one of the four co-founders of Swingvy. Choeh is also the CEO of the company.
“…of course one of the reasons we decided to go with them is that there is a huge possibility to change the relationship with them later on. But for now, it’s purely financial,” he added.
Swingvy’s South Korea connection precedes Samsung Ventures’ investment in the SE Asian startup.
Choeh and his co-founders – Tho Kit Hoong, Hyojun Lee and Jahun Koo – decided to build Swingy’s tech team out of South Korea while keeping the headquarters in Malaysia.
The startup — whose idea was born during a mamak (a popular open-air food set up in Malaysia) session — provides HR, payroll and insurance services for SMEs based on a freemium model.
“We saw huge trends of HR tech exploding in the US and realised there is no market leader in that space among Asian SMEs,” said Choeh.
Not only was the Asian market size huge but the challenges faced by SMEs were daunting as well. But, for Choeh, the bigger hurdle was the tech talent crunch in the region, which prompted the move to hire a technology team in Seoul.
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