Swingvy (스윙비), a cloud-based HR Management software company, announced on April 21st that it has received $1.1 million in initial investment from two US-based VCs, Big Basin Capital and Walden International.
Swingvy provides all-in-one HR management software for small and medium-sized businesses (SMBs) in Southeast Asia. It helps SMBs manage their employees lifecycles more efficiently by automating all the processes of employee recruitment, vacation and performance management, and payroll.
Southeast Asia, with over 70 million SMBs, is one of the largest mid-markets in the world, along with China and India. However, most personnel management has been dependent on outdated software and outsourcing services, and the complaints of Southeast Asian SMBs are ever increasing. Based on this market demand, Swingvy has acquired 1,000 enterprise customers in Malaysia and Singapore in six months since its launch in October 2016, and has achieved 30% conversion rate to its paid service. The company plans to concentrate on boosting profits by launching Payroll service in June.
Choi Seo-jin, CEO of Swingvy, stated, “With this initial investment, we will accelerate the acquisition of new customers and enhance our service offerings. We will become a leading company in the HR management services space by developing a product that people would love for its top-notch quality.”
“There is a big market opportunity in Southeast Asia and the response from local customers who used Swingvy has been very strong,” said Yoon Phil-Koo of Big Basin Capital, who led the investment. “I hope to see more enterprise software start-ups actively expanding to overseas, like Swingvy,” he added. Big Basin Capital has a strong track record in facilitating market expansion for other companies. For example, it helped ZEPL (formerly NFLabs) break into Silicon Valley by seeding investment into the company, which makes Big Data solutions for businesses.
Swingvy currently operates in English-speaking countries such as Malaysia and Singapore, and plans to expand services to Indonesia in the second half of this year.
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