HUMAN resources (HR) platform startup Swingvy has raised US$7 million (see amendment note) in a Series A round led by Samsung Venture Investment Corporation (Samsung Ventures), Samsung Group's venture capital business.
Samsung Ventures led the round with participation from UK insurer Aviva's venture capital arm, Aviva Ventures, and Bass Investment. Existing investors Walden International and Big Basin Capital also participated, bringing total funding to US$8.6 million.
This is Samsung Ventures' first South-east Asia investment, according to Swingvy's media statement.
Singapore-headquartered Swingvy will use the fresh funds to accelerate growth and expansion into Asia-Pacific starting with Taiwan, and grow the team for ongoing product innovation and development.
“While HR tech is a fast-growing sector in the US, it has not been highlighted in the Asia-Pacific 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.
Launched in late 2016, Swingvy plans to add new features for its platform and roll out its payroll-to-partner dashboard for accountants and payroll agents this year.
Amendment note: A previous version of the article incorrectly stated Swingvy had raised S$7 million in a Series A round, when it had actually raised US$7 million. The article has been revised to reflect the correct amount.