KK Fund-backed Venteny, a hybrid employee benefits and fintech solutions platform in the Philippines, has raised $2.3 million in its Series A round led by Japan-based venture capital fund SBI Investment.
Others who participated in the round were Tokyo-based VC firm SV-FINTECH Fund, another independent firm from Singapore aside from KK Fund, and also key figures in Japan’s fintech community Mamoru Taniya, and Makoto Takano. SBI is the VC arm of Japanese conglomerate SBI Holdings Inc.
Launched in April 2015 by its founder and current CEO Junichiro Waide, Venteny began as an exclusive website, a company membership platform that served as a perks option for employees working for companies in the Philippines and as a benefits outsourcing service business for enterprises.
In August 5, 2016, it was incorporated in Singapore as Venteny Pte Ltd. The business since then managed all operations in the Philippines as a pilot market before expanding to other countries in Southeast Asia.
Venteny offer clients’ employees loyalty programs in the form of exclusive perks, which provides employee discounts at establishments such as restaurants, fitness centers, including resorts and hotels.
The company also offers web-based short-term loan services as a service to company employees to secure fast, safe, and reliable access to emergency cash. The goal is to enhance company loyalty and provide better options for employees without the high financial costs usually associated with these types of service.
Venteny now claims to have a community of more than 80,000 registered employees in the Philippines.
The company’s latest financing round came following its recent partnership with the Philippine Contact Center Association (CCAP) as a solutions provider. CCAP represents the local contact center industry which is the biggest portion of the total BPO industry in the Philippines with an 800,000 employee count.
“This funding round will be deployed to accelerate the development of the platform and strengthening the group structure of Venteny for the forseable future,” Waide said in a statement.
Aside from the BPO industry, Venteny has also partnered with banks and financial institutions, insurance companies, and IT companies.
“With the rapid growth of our business, founders sought outside funding to help materialize the plans for our technology as we aim to further expand business opportunities in the ASEAN region,” Waide added.
Venteny last February raised an undisclosed sum in its seed funding round led by KK Fund, joined in by Ocean Capital Inc and other investors.