Swingvy, an all-in-one HR, payroll and benefits platform for small and medium-sized businesses, that was a participant in the People Matters TechHR Singapore program, has raised $7 Mn in a Series A funding 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 in this round, which brings the total funding to $8.6 Mn.
The new round of funding will enable Swingvy to accelerate growth and expansion into APAC region starting with Taiwan, as well as growing the team for on-going product innovation and development.
Jin Choeh, co-founder and CEO of Swingvy stated, “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. 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.”
Jin added that there will be a paradigm shift in the way people work, and the platform should evolve before the shift arrives.
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 by Jin Choeh, Tho Kit Hoong, Hyojun Lee, and Jahun Koo, Swingvy has acquired over 5,000 companies and claims to have grown 390% year-over-year in revenue last year. Last year, it 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