Her Capital, a Singapore-based VC firm investing in female-led businesses, announced today it has invested in Neufast, a Hong Kong-based video interviewing enterprise platform. The firm joins SOSV Chinaccelerator, AsiaPay Capital and Artesian Venture Partners as investors in the current funding round for the HR tech company.
Neufast plans to utilise proceeds from this round to expand its product suite and expand into Greater China and Southeast Asia. This is Her Capital’s inaugural investment since launching its women-focused fund last year, which it aims to raise US$10 million.
Founded in 2018, Neufast’s video interviewing software is able to assess candidates in multiple languages within a single interview. Its B2C solution, NeuCareers, helps job seekers understand their personalities and job fit, allowing them to succeed in a video-based virtual interview process.
Its clients include Crystal Group. Landbridge Ship Management, and Hong Kong Polytechnic University, among others.
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“As a Singapore-based fund, Her Capital understands the opportunity for the multilingual and multicultural Southeast Asia job market, as well as the importance of addressing biases in talent assessment. Her Capital will constitute a more balanced board benefitting our team, clients and business partners,” said Agnes Wun, CEO and Co-founder of Neufast.
“With their commitment to innovation and nimble team, Neufast is well-positioned to capitalise on the explosive growth in today’s digital hiring norm. As an investor of female-founded, scalable businesses, we are excited by the company’s potential in assessing the culturally-diverse, and expanding the talent pool of Southeast Asia,” said Gail Wong, Managing Partner of Her Capital.
Her Capital focusses on early stage startups with scalable businesses operating in SEA with a female founder. The firm is lead by Managing Partner Wong and Tanya Rolfe.
Harvard Business Review recently wrote that women-led received just 2.3 per cent of VC funding in 2020, as the COVID-19 pandemic hit the global community hard.
In 2019, before the pandemic hit, the number of VC funding secured by women-led startups were already relatively low at just 2.8 per cent. But even then this was considered as “an all-time high”.
“Some speculate that the pandemic made investors more wary of risks and more likely to stick to their existing networks — which is very much a ‘boys’ club’ and tougher for women to break into,” the report wrote.
Image Credit: Her Capital
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