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.