Singapore-based HR-tech platform Darwinbox has bagged US$72 million in a new funding round led by Technology Crossover Ventures (TCV) at over US$1 billion valuation.
The round also saw participation from existing investors Salesforce Ventures, Sequoia, Lightspeed, SCB 10X, JGDEV, Endiya Partners and 3One4Capital.
This round takes the company’s total funding raised to date to US$110 million.
Darwinbox will use the capital for global expansion, accelerate technology, and strengthen its product, engineering and customer success teams. It also plans to scale its go-to-market presence in multiple geographies.
The company intends to triple its team within a year, adding more than 100 team members in Southeast Asia across its Singapore, Kuala Lumpur, Jakarta, Manila and Bangkok offices.
Also Read: DarwinBox bags US$15M to expand its enterprise HR-tech platform in SEA
Since its last fundraise from Salesforce Ventures a year ago, Darwinbox has grown 300 per cent in Southeast Asia.
Founded in late 2015, Darwinbox is cloud-based human capital management (HCM) platform catering 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.
The firm said in a press note that its product is powering digital HR for more than 1.5 million employees from 650-plus enterprises worldwide. Its clients are Zilingo, Zalora, Carousell, Tokopedia, MatchMove, Funding Societies, Mitra Adiperkasa, and JG Summit Holdings, to name a few.
Founded in 1995, TCV has invested over US$16 billion across 350 investments of varying structures, including mid-stage, late-stage and public company investments. Its investments include Airbnb, Believe, Brex, Dream Sports, FarEye, HireVue, Mollie, Nubank, Razorpay, Nerdy, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group, and Zepz.
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Image Credit: Darwinbox
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