Singapore-based human resource and benefits management platform, HReasily, made such an impact on its client, that the firm became an investor.
Envy Capital invested US$5 million into HReasily, whose human-resource technology is geared for small to medium enterprises. Envy Capital's parent firm, Envy Asset Management, began using its services in 2015 to manage its startup team of just three. Today, Envy's staff has grown to 18, and its leaders champion the positive impact of HReasily's solutions on workplace culture.
The investment is a nod to HReasily's growth potential, and nimble approach to product development. Pascal Henry, HReasily's CEO and Co-founder, said it was especially meaningful to receive funding from a happy customer.
"We're delighted that our end user sees us not just as a digital solution, but as a business partner. Their investment will certainly accelerate our development, and enable us to develop features at a rate that will benefit not only them as our investors, but the greater community of users we serve."
"It's scalable," said Ms Rhiya Lee, Envy's Deputy Managing Director.
"HReasily has digitised a lot of our functions with a suite of HR management services. It is easy to use and saves us a lot of time and manpower, freeing us up to develop people-related activities: to build and improve relationships. The culture gets better.
"This system allows us to add on modules only when we need them. Looking at it in the long term, there are different solutions we can utilise as our business needs grow."
Envy Capital's Managing Director Ng You Zhibelieves that many more SMEs in Singapore and the region can similarly benefit. Highlighting its significant opportunity for growth, he said: "The market itself is nascent, which is where we see the potential. They're very clear about what they want to do. Not just in HR, but beyond that."
HReasily's tools digitalise and automate tedious HR processes. Mr Ng and Ms Lee said its appeal lies in its innovative nature - there's ease of implementation and employee onboarding, capacity for personalisation, and consistent additions of new modules.
As companies move towards separating their accounting from culture-building functions, HR tech such as HReasily empowers business owners to respond better to staffing needs, positioning them as attractive places to work.
With 30,000 companies on its platform, HReasily has active users in eight economies across Asia: Singapore, Malaysia, Thailand, Hong Kong, Indonesia, the Philippines, Cambodia and Vietnam.
Its suite covers core functions such as payroll, expense claims, time and attendance, and leave management. This year alone, HReasily added an Insurance component to its Staff Benefits pilot module, as well as white-label solutions. The company plans to roll out Scheduling and Employee Benefits next, with Performance Appraisal, Reporting, Onboarding and Scheduling in the pipeline for 2020.
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