Japanese startup Paronym, has closed a $6.5 million Series B round, while Employment Hero has launched its localised versions in Singapore, Malaysia, New Zealand, and the United Kingdom.
Japan’s Paronym raises $6.5m Series B from InVent, others
Japanese startup Paronym has raised $6.5 million in a Series B round led by Japan Post Capital Co Ltd, NTT DOCOMO Ventures, and InVent, its newest investor, according to a press statement.
InVent is the corporate venture capital arm of Thailand-based Intouch Holdings Plc, an investment holding company in the telecom, media, and technology (TMT) sector. Intouch Holdings is also the parent company of Advanced Info Series Plc and Thaicom Plc.
Paronym develops and provides an interactive video solution named TIG, where the user can touch an image on the screen and instantly view the item description.
InVent is looking to invest in startups that are in 5G-related and emerging technologies.
Following the investment by InVent, Paronym is looking to expand into Southeast Asia, especially Thailand — the most digitally-advanced nation in the region. Thailand currently has an e-commerce penetration rate (EC rate) of over 40 per cent. The e-commerce market is forecast to increase from $900 million in 2015 to $13 billion in 2024, said Paronym’s CEO Michio Kobayashi.
“We aim to first enhance our presence in Thailand and eventually establish it as a service that is socially implemented in Southeast Asia,” he added.
Employment Hero launches in Singapore, other nations
Australia-based integrated HR, payroll, and benefits platform Employment Hero has launched localised versions of its service in Singapore, Malaysia, New Zealand, and the United Kingdom, according to a press release.
The launch includes the roll-out of its Global Teams service, a new Professional Employer Organisation (PEO) solution designed to democratise the talent landscape and help SMEs sustainably scale and compete on a global stage.
The platform aims to help SMEs in these markets adopt better HR processes and performance management. “Despite looming uncertainties, there are new avenues for SMEs to innovate and adapt to the new norms of working,” said CEO and co-founder Ben Thompson.
Employment Hero is backed by global human resources firm, SEEK, which made an AU$22 million investment in 2019. SEEK also provides experience and insight into the Singapore and Malaysia employment landscape.
Throughout 2020, Employment Hero experienced strong growth after successfully pivoting its offering to focus on tools and resources to help the small business community navigate the current global crisis. The platform has seen over 50 per cent growth in new customer acquisitions since March this year, and subsequently expanded its team headcount to over 40 per cent, including hiring several new leadership roles.