Swingvy, a SaaS startup providing an HR platform for small and medium enterprises in Southeast Asia, today announced it has closed a bridge financing round from Aviva Ventures, the corporate VC arm of international insurance company Aviva.
This is Aviva Ventures’s third investment in Asia.
Based in Kuala Lumpur, with offices in Singapore and Seoul, Swingvy will focus on creating new propositions for Aviva’s business users in Singapore, as the startup continues to evolve the convergence between HR-tech and insurtech.
Founded in 2016 by Jin Choeh and Tho Kit Hoong, Swingvy connects and automates HR, payroll and employee benefits on a single platform. A mobile-first platform, it ensures users have access to HR matters anytime and anywhere. This, according to the company, will save in cost and time for SMEs .
While the HR module is free, clients need to subscribe to a pay-as-you-use fee for advance features, such as payroll and employee benefits management.
Swingvy currently serves over 2,500 businesses and 60,000 users across Singapore, Malaysia and Korea.
Jin Choeh, Co-founder and CEO at Swingvy, said: “At Swingvy, we believe people are the most important asset of any business, and do their best work when they feel empowered. Southeast Asia holds tremendous opportunity for us as many of its 70 million SMEs have strong demand for a cost and time efficient HR solution that is easy to use. Our vision is to enable all SME business owners to put their people first with the help of Swingvy’s integrated and seamless HR and benefits solution.”
With offices in the UK and Singapore, Aviva Ventures targets investments in digital and technology companies operating in four areas: IoT, including connected homes, health and automotive; data and analytics; innovative customer experiences; and distribution such as new ‘sharing economy’ platforms. The VC fund aims to invest £100 million (US$120 million) by 2020 in early stage businesses worldwide.