Darwinbox, a Singapore-based HR-tech platform, has raised $72 million in a fresh fundraising round led by Technology Crossover Ventures (TCV) at a valuation of over $1 billion.
Existing investors Salesforce Ventures, Sequoia Capital, Lightspeed, SCB 10X, JGDEV, Endiya Partners, and 3One4Capital also participated in the round.
This round brings the total amount of money raised by the business to $110 million. Darwinbox is to utilise the funds to expand globally, accelerate technological advancements, and enhance its product, engineering, and customer success teams. It also intends to expand its go-to-market presence across several regions.
Within a year, the business plans to increase its workforce in Southeast Asia, hiring more than 100 people in its Singapore, Kuala Lumpur, Jakarta, Manila, and Bangkok offices.
Darwinbox has expanded 300 percent in Southeast Asia since its previous funding round from Salesforce Ventures a year ago.
Darwinbox is a cloud-based human capital management (HCM) platform that caters to HR needs across the employee lifecycle, including recruitment, onboarding, core transactions (leaves, attendance, directory), payroll, travel and expenses, employee engagement, performance management, rewards & recognition, and people analytics. It was founded in late 2015.
According to a press release, the company’s solution is enabling digital HR for more than 1.5 million employees from 650+ companies across the world. Zilingo, Zalora, Carousell, Tokopedia, MatchMove, Funding Societies, Mitra Adiperkasa, and JG Summit Holdings are just a few of the company’s clients.
