A $1 million pre-seed funding round led by Singapore-based early-stage venture capital firm Cocoon Capital was announced by Shomvob, the business-to-business (B2B) job-tech and HR-tech platform in Bangladesh.
In a statement, Shomvob said that it had also been awarded a grant by the Bill & Melinda Gates Foundation to help the nation’s low-income female population get access to employment opportunities.
“We are immensely grateful for the support from Cocoon Capital and the Bill & Melinda Gates Foundation. Their backing is crucial as we strive to transform the employment landscape in Bangladesh into one that is fairer and more efficient,
“We are also proud to be aligned with the United Nations Sustainable Development Goals, particularly those aimed at eradicating poverty and promoting decent work and economic growth,” said Rifad Hossain, Founder and Chief Executive Officer of Shomvob.
Rifad Hossain, Naqib Muhammad Faiyaz, and Hasibur Rahman founded Shomvob in May 2022 with the goal of assisting both blue-collar and white-collar workers.
Due to an over-reliance on paper-based processes and information asymmetry, it is reported that more than 650,000 corporations and small and medium-sized enterprises (SMEs) in Bangladesh currently face serious hiring issues for their frontline workforce.
This frequently leads to a talent mismatch, which can reduce productivity by up to 30%.
However, about 70 million people in the nation struggle to find employment that meets their standards and frequently become victims of local middlemen or brokers known as “dalals.”
In order to address these problems, Shomvob offers job seekers a streamlined application process for relevant positions along with a professional digital identity.
Its application tracking system (ATS) provides clear, real-time updates on application progress, and its sophisticated algorithm matches candidates with suitable jobs.
Shomvob helps businesses streamline their hiring procedures, cutting expenses and time while maintaining compliance.
Since its launch, Shomvob has successfully facilitated over 12,000 job placements by registering over 600,000 job seekers and over 1,300 companies.
The jobs illustrate the platform’s broad influence as they span multiple important industries, such as logistics, retail, and healthcare.
Additionally, Shomvob has collaborated with UNICEF’s Generation Unlimited Passport to Earning (P2E) program to increase job seekers’ employability.
The primary objective of this initiative is to give young people, especially those from disadvantaged and marginalized communities, access to high-quality education, skill development, and career opportunities.
