Swingvy raises US$7mil Series A led by Samsung Ventures maiden investment in SEA
By Digital News Asia April 30, 2019
- Aims to expand HR platform to transform future of work for SMEs in Asia
- Acquired 5k customers since 2016, claims 390% revenue growth in 2018 over 2017
Swingvy, an all-in-one HR, payroll and benefits platform for small and medium-sized businesses, announced yesterday it has raised US$7million (RM30 million) in a Series A round. Samsung Venture Investment Corporation (Samsung Ventures) led the round with participation from Aviva Ventures and Bass Investment. Existing investors Walden International and Big Basin Capital also participated, which brings the total funding raised to US$8.6 million (RM36 million).
The new round allows Swingvy to accelerate growth and expansion into the Asian region starting with Taiwan, as well as growing the team for on-going product innovation and development.
“While HR tech is a fast-growing sector in the US, it has not been highlighted in the Asian region especially for small companies. They often struggle with manual HR processes or using complex and expensive software,” said Jin Choeh, co-founder and CEO of Swingvy. Jin launched the startup with cofounders Tho Kit Hoong, Hyojun Lee and Jahun Koo.
“Our vision is to be an OS (Operating System) of companies. We’re reimagining the idea of HR platform from scratch, and will build a new type of organization management platform to create a workplace where work empowers people. We’ll face a paradigm shift in the way people work, and the platform should evolve before the shift arrives. We are thrilled to welcome long-term investors who support our goal and direction,” said Jin.
Swingvy plans to drive significant additions to its all-in-one HR, payroll and benefits platform including new major features as well as to roll out its payroll to partner dashboard for accountants and payroll agents this year.
Launched in late 2016, Swingvy has acquired over 5,000 companies and claims a 390% revenue growth in 2018 over 2017.