Swingvy, a Malaysia-Singapore-Korea based startup online platform for human resource services catering largest to the SME businesses in Asia, has raised $7 million in its Series A funding round led by Samsung Ventures.
The startup defines itself as a SaaS company that connects and automates HR, payroll and employee benefits on one platform. It allows businesses to manage the three functions independently with more flexibility, convenience and savings in cost and time. Swingvy has also developed a mobile app for users.
“While HR tech is a fast-growing sector in the US, it has not been highlighted in the APAC region especially for small companies. They often struggled with manual HR processes or using complex and expensive software,” said Jin Choeh, co-founder and CEO of Swingvy.
Launched in late 2016, Swingvy has acquired over 5,000 companies and has grown 390 per cent year-over-year in revenue last year. It also launched Employee Benefits, which offers and recommends a group insurance plan for companies through an instant quotation and by automating the entire manual process.
The new round of funding allows the company to accelerate growth and expansion into the Asia Pacific region, starting with Taiwan, as well as grow its team for ongoing product innovation and development, Swingvy said in a statement.
The Series A funding round was closed nearly a year after Swingvy raised $500,000 in its Seed Round led by Aviva Ventures, the corporate venture capital arm of international insurers Aviva plc. In 2017, Swingvy also raised $1.1 million from Big Basin Capital and Walden International.
Samsung Ventures, the lead investor in the Series A round, has over $1.8 billion assets under management and invests $250 million annually.