clockster_funding_news

Kazakhstan-based human resource management platform Clockster today announced that it has raised a seed funding round from ABC-I2BF Seed Fund, angel investor and Paladigm Capital CEO Olzhas Zhiyenkulov, and one of the founders of the startup itself.

Though the exact amount of the funding round is undisclosed, Clockster said that it has raised US$350,000 in funding by far.

The startup provides a cloud-based time and attendance solution, in the form of biometric-based clock-in device with an “easy, do-it-yourself” set-up.

The platform aims to reduce human error and “buddy punching” to get the most reliable time-tracking data, empowering businesses with a transparent tool to calculate work hours.

Clockster wants to use the funding to expand to Southeast Asian markets and for R&D purposes.

Also Read: Why a Singapore coding school founder is funding a startup in Kazakhstan

“Currently we’re developing and implementing a solution for facial recognition to replace fingerprints in the future, as well as developing sophisticated payroll systems,” said Clockster Co-Founder and CEO Yerzhan Ryskaliyev in a press statement.

“In terms of expansion to other markets, in the beginning of 2019 we will start selling Clockster in the Philippines as a first step, and after that we want to launch first sales in other Southeast Asian countries, such as Malaysia and Singapore,” the CEO continued.

The company named KFC, Costa Coffee, and Pizza Hut chains as their users in Kazakhstan.

Their investors ABC-I2BF Seed Fund was established this year by the country’s leading higher education institution Nazarbayev University and New York City-based venture capital (VC) firm I2BF Global Ventures, while Paladigm Capital is a Singapore-based liquid assets, portfolio and VC investment company aimed at late stage companies.

Image Credit: LYCS LYCS on Unsplash