Singapore-based human resource tech solution provider Rewardz today announced that Japanese fringe benefit outsourcing service company Benefit One has acquired a majority stake in the startup, with an investment of SG$3 million (US$2.1 million).
Rewardz founders Sudhanshu Tewari, Nicole Seah, and Jaya Maru will maintain their shares within the company, together with Benefit One which had been appointed as strategic investor as per December 1.
The company stated that they are going to focus on turning its current entities in Singapore, Malaysia, and Dubai profitable in 2017. They also cited possibilities to expand into other Asian markets in the future.
“One of the biggest challenges faced by any technology startup is funding the company until it scales up sufficiently to support itself … This long-term strategic partnership with Benefit One has solved this crucial problem for us and we will be fully focused on growth and scaling the business,” said Rewardz CEO Sudhanshu Tewari in a press statement.
Benefit One is one of the Japanese companies announcing new investment in Asian market in the past few days. In India, FiNC just announced an investment to fitness startup FitMeIn.
In Japan itself, angel investors had invested US$6 million to space entertainment startup ALE for their artificial meteor shower project, while tech giant Apple is reportedly in talks to invest in SoftBank’s Vision Fund.
“Although there are no immediate plans to enter the Japan market for Rewardz, we will be working towards integrating our technology into the Benefit One platform in Japan in the future,” Tewari explained.
Rewardz integrates traditional corporate benefits programme with a mobile app that utilise gamification to enable employees to visualise their benefits and track their health.
Outside of Singapore, it is available in Dubai, Hong Kong, Indonesia, Malaysia, and Australia. It claimed to have secured clients such as DBS, Manulife, Disney, NUHS, JTC, Fuji Xerox, DB Schenker, Intercontinental Hotel Group, Ascott Holdings, and Lendlease.
As for Benefit One, the company is reported to be the biggest market shareholder of fringe benefit outsourcing services. Established in March 1996, it claimed to have eight million members in Japan alone.
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