Indonesian venture capital firm East Ventures has led a seed funding round of an undisclosed amount into Synergo, a talent management software provider based in Jakarta.
This is East Ventures’ third investment in August alone, after financing rewards and loyalty platform MEMBER.ID and participating in a $10.5 million series A for Immersv, an interactive advertising platform for Mobile 360 and Virtual Reality.
The latest company that has joined East Ventures’ portfolio, Synergo, is a startup that helps businesses increase employee performance via tracking, evaluating, comparing and analysing both employee performance and the company’s performance trends.
Its platform allows a structure for performance reviews, employee goal alignment and data analytics tools to obtain key insights for management. Managers are able to set and assign goals for their employees, employees are able to track their personal goals and align them with their team and managers, and the company is able to visualise tracked data to obtain key insights for management decisions.
Most Indonesian companies do not have a structured performance review process, therefore are not able to get a complete picture of their workforce utilization and a clear means of differentiating between high and low performers.
Founders Domenico Tukiman and Rhapsody Budiono were inspired to solve this problem, while working in Los Angeles, after realizing most companies do not have a clear organizational structure and performance management system. The team has localised the product for Indonesia by offering a subscription based model so companies can pay as they grow rather than deal with a high upfront cost.
“We believe that a company’s most important asset is their human capital, and the first step to unlocking the full potential of one’s human capital is to have a structured process to continuously track and measure it. With Synergo, companies can quickly implement a performance review system without disrupting their current business process,” Domenico Tukiman Co-Founder and CEO of Synergo stated.
Currently 52% of the employed population is underqualified for their job position according to a McKinsey report. With the minimum wage in Indonesia growing exponentially since 2012 and by 8.32% in 2016 alone (source Badan Pusat Statistik), it is key that companies not only hire the right people for their company, but also maximize staff performance.