Samsung’s VC arm leads US$7M Series A in HRtech startup Swingvy
Swingvy, an HRtech and payroll solutions provider for small and medium-sized businesses in Southeast Asia, has raised US$7 million in a Series A funding round led by Samsung Ventures, the investment arm of South Korea-headquartered electronics behemoth.
UK-based VC firm Aviva Ventures and Korea’s Bass Investment, in addition to existing investors Walden International and US-based Big Basin Capital also participated in this round, bringing Swingvy’s total funding to US$8.6 million.
Swingvy will use the fresh money to accelerate growth and expansion into APAC 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 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. “Our vision is to be an Operating System of companies. We will build a new type of organisation 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.”
Founded by Jin Choeh, Tho Kit Hoong, Hyojun Lee and Jahun Koo in late 2016, Swingvy connects s all HR information – HR, payroll and benefits – and automates every administrative task without hassle. Swingvy claims it serves over 5,000 companies and has offices in Kuala Lumpur, Singapore, Taipei and Seoul.
In 2018, Swingvy launched Employee Benefits, which offers and recommends a group insurance plan for companies through an instant quotation and by automating the entire manual process into a seamless enrolment journey.
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.