Human resources management platform based in South Korea flex announced today that it has closed a $ 32 million Series B round with a valuation of $ 287 million. The latest funding, which brings the total raised to $ 42 million, was led by Greenoakwith the participation of DST Global Partners.
The mission of the startup is to enable companies to automate and optimize the manual work processes of human resources and to focus more on people. Its automation tools optimize the employee experience to ensure seamless data flow between groups for use in payroll, e-signature support, on / offboarding, and people analytics. It also plans to launch performance analysis and talent relationship management tools in the first quarter of 2022.
“At flex we define HR as Human Relations, not Human Resources. We believe HR teams deserve world-class software to manage and service their employees, but today it is clear that many organizations are still using spreadsheets or legacy products to make ends meet, said Haenam Chang, CEO of flex. .
The two-year startup will use the proceeds to scale operations to meet demand, advance HR automation and SaaS products, and increase its staffing.
The Series B financing comes from nearly tenfold revenue growth over last year, driven by a series of product launches and new customers. The startup mainly served SMEs in the IT sector. However, flex plans to expand the addressable product market by targeting new sectors in the SMB space this year. Did not disclose any user or customer numbers when asked.
Currently, flex focuses on growth in South Korea by offering a SaaS solution that modernizes HR functions and processes, which have been slow to adapt to technical progress over the past 20 years. The company said its deep understanding of cultural nuances in people management and human resources regulations in the country helps it be well positioned to offer a range of products tailored to South Korean companies.
“While some companies have adopted solutions to monitor and improve the way they manage their employees, most still rely on instinct or insufficient data to make ad hoc employee decisions. At flex, we offer clients a reliable source of employee data and a rich set of tools to manage their people, maximizing individual and organizational performance. Our goal is not only to provide a great human resources software solution, but also to enable companies to better track and manage their most important assets, their people, ”said Chang.
“Korea is one of the largest and most dynamic economies in the world, but historically it does not have a native solution for companies to manage and pay their employees, leaving companies frustrated and left to develop their own local solutions,” said Josh Cho by Greenoaks. “Now, flex is rapidly building the first next generation HR information system and first payroll platform in the country. We are excited about their vision of an end-to-end product that will allow companies to manage all of their HR functions in one place, from performance management to recruiting, payroll and more. ”