Korean payroll app Albam closes $1.6m series A led by Capstone Partners

South Korean 10,000 won note is seen on U.S. 100 dollar notes in this picture illustration taken in Seoul, South Korea, December 15, 2015. REUTERS/Kim Hong-Ji

Korean time tracking and payroll app Albam has raised $1.6 million in a series A funding led by US-based Capstone Partners in a bid to expand the company’s market share in its home market and rest of Asia.

Other investors in the company include venture capital firm Kolon Investments, K-Bridge Investments, Shift, and Plantree Partners who also participated in the funding round, according to a media report today.

Founded by Kim Jin-yong, the startup helps companies to track their employees’ work hours by just logging to their phones. Employees can check in within five meters of their offices.

“Despite massive adoption of smartphones in Korea, mobile HR and payroll solutions are not yet widely used here or across Asia,” said Capstone Partners CEO Eunkang Song.

Albam has an automated payroll accounting system too which is being tested with some Korean brands such as convenience store chain CU, Wonderplace and coffee chain Tom & Tom’s.

According to the report, more than 6,000 stores are using Albam in Korea and 1,600 are paying users. The cost comes to $8.70 per month for locations with 20 or fewer employees.

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.