Swingvy, a Software-as-a-service (SaaS) HR company, raises USD 7 million in a Samsung Ventures-led Series A financing round, bringing the total funds raised to date to USD 8.6 million.
With the newly injected funds, the startup is looking to grow its team to support ongoing product innovation and development plans, in addition, to accelerating its Asia-Pacific expansion plans, according to an official statement.
Malaysian Tho Kit Hoong and three Koreans – Jin Choeh, Hyojun Lee and Jahun Koo- co-founded Swingvy, looking to automate manual and cumbersome HR practices for small and mid-sized businesses by connecting HR, payroll, and employee benefits on a mobile-first online platform.
Some examples of its service offerings include centralized calendar functions, automated hiring and termination processes, comprehensive database of employee records, and distribution mechanisms for company announcements.
Swingvy claims to have served over 5,000 companies to date. It has offices in Kuala Lumpur, Singapore, Taipei, and Seoul.
The HR tech space is a highly competitive one. In Singapore alone, there are over 160 HR-related technology service providers. Urbanhire, Sleekr, Pulsifi, and JobTech are some examples of the top HR tech startups in Southeast Asia, according to an article by TechCollective.
Besides Samsung Ventures, the startup investment arm of the Korean electronics giant, other participating investors in Swingvy’s round include UK insurer’s venture arm Aviva Ventures, Bass Investment, Walden International and Big Basin Capital.
Editor: Nadine Freischlad