South Korean HR automation platform flex raises $32M Series B at a $287M valuation – TechCrunch


Korea-based human resources management platform flex Announced today is the end of the $ 32 million Series B round with a $ 298 million valuation. The latest funding raised to a total of $ 42 million is GreenoaksWith participation from DST Global Partner..

The mission of a startup is to enable companies to automate and streamline the manual human resource development process and focus on more people. Its automation tools optimize the employee experience and ensure seamless data flow across groups for use in payroll, digital signature support, on / offboarding, and human analytics. We also plan to launch performance evaluation and talent management tools in the first quarter of 2022.

“At Flex, we define HR as relationships, not talent. Flex CEO Haenam Chang believes that the HR team deserves world-class software to manage and service its employees. It is clear that many organizations still use spreadsheets and legacy products to achieve their goals today.

Two-year-old startups use revenue to expand their operations to meet demand, advance HR automation and SaaS products, and increase staff.

Series B funding is driven by many product launches and new customers, backed by nearly 10x revenue growth compared to last year. Startups have primarily served SMBs in the IT sector. However, Flex plans to target new industries in SMB space this year to expand its reach. When asked, it did not disclose any user or customer numbers.

Today, flex is focusing on growth in South Korea by providing SaaS solutions that modernize HR features and processes that have taken a long time to adapt to technological advances over the last two decades. The company said it has a deep understanding of the cultural nuances of HR management and domestic HR regulations, which gives it the flexibility to offer a range of products tailored to Korean companies.

“Some companies have adopted solutions to track and improve how they manage their employees, but most companies have instincts or inadequate data to make ad hoc decisions about their employees. At Flex, we provide our customers with a reliable source of employee data and a rich toolset to manage their employees to maximize personal and organizational performance. Isn’t just about providing great HR software solutions, it’s about helping companies better track and manage their most important asset, their employees, ”Chang said.

“Korea is one of the largest and most dynamic economies in the world, but historically there is a lack of native solutions for companies to manage and pay for their employees, and companies are frustrated and develop their own solutions. We need to, “said Josh Cho of Greenoaks. “Currently, Flex is rapidly building Japan’s first next-generation personnel information system and payroll platform. End-to-one that enables companies to handle all HR functions from performance management to recruitment and payroll in one place. I’m excited about their vision for End’s products. ”

South Korean HR automation platform flex raises $32M Series B at a $287M valuation – TechCrunch Source link South Korean HR automation platform flex raises $32M Series B at a $287M valuation – TechCrunch

The post South Korean HR automation platform flex raises $32M Series B at a $287M valuation – TechCrunch appeared first on California News Times.

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