Yesterday, Swingvy, an an all-in-one HR, payroll and benefits platform, announced that they had successfully raised RM30 million (USD7 million) in a Series A funding round.
Led by Samsung Venture Investment Corporation (a.k.a. Samsung Ventures), Aviva Ventures and Bass Investment also joined. Their existing investors Walden International and Big Basin Capital also participated, bringing Swingvy’s total funding to date at RM36 million (USD8.6 million).
This is Samsung Ventures’ first investment in Southeast Asia.
Launched in late 2016, Swingvy services over 5,000 companies and reports a 390% year-over-year in revenue last year.
In a press release, Jin Choeh, the co-founder and CEO of Swingvy, explained, “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 organisation management platform to create a workplace where work empowers people.”
Jin predicts a paradigm shift in the way people work, and believes that the platform must evolve before the shift arrives.
We also spoke to Jin’s co-founders, Tho Kit Hoong, Hyojun Lee, and Jahun Koo to get more insights into the funding and also find out more details of what Swingvy’s immediate plans are.
Bridging The Gap Between Employees And Employers
HR can be quite a tedious chore, but it’s deeply necessary for a company.
Kit Hoong explained, “We are changing how HR works by enabling with modern digital technology to connect the gap between employees and employers by making HR simple, so that everyone can appreciate HR.”
Swingvy’s plans are to perfect a seamless and integrated automated HR platform, integrating all the crucial administrative parts of company operations.
Hyojun also gave a preview of new features to come on the platform as a direct result of the funding, such as “seamless full-service payroll, a claims system, time & attendance feature, and a new employee benefits product”.
On the backend side, Swingvy will be focusing on immediate hiring in existing and new offices and marketing activities.
The funding will expedite their expansion to Taiwan and also help to grow the business in Singapore and Malaysia.
Built On One Core Belief
When asked about their successful round of raising, Kit Hoong told us, “Looking back from where we began in late 2016, we have learned so much from our existing customers and SME market in Malaysia and Singapore, thus our product has evolved and enhanced according to what best fits to the SME market.”
“Secondly, our work relationship with the co-founders and team is like a family, we have the luxury of an open communication culture that always helps us to work together better and getting things done on the spot.”
Tho Kit Hoong, Swingvy
Jahun echoed his sentiments, adding, “I believe the success of our fundraising comes from our core belief of ‘people matter’. That’s why we create our HR tools to help companies manage their team with less paperwork so they have more time to focus on what matters most—building the business together with their employees.”
With this funding, the co-founders shared that there’s been a continued building of trust in the internal team members, which they say is an important part of their company.
“We focus on maintaining the best talent because people are valuable to us,” said Jahun.
- You can find out more about Swingvy on their website here.
