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[StartupRecipe] HR SaaS Market is Growing

#Weekly Funding Overview

[Mar.21 ~ Mar.25]

The total funds raised by Korean startups of this week is KRW 210.6 billion.

WehuddlingFoodtech9 billionSeries ANau IB Capital, Nonghyup Bank, SJ Investment Partners, UTC Investment, Kyobo
StorelinkMarketing Solution9 billionSeries BPartners Investment, Hana Ventures, SK Securities, SJ Investment Partners
TwelvelabsAI Video Search6 billionSeedIndex Ventures, Expa, Radical Ventures
i DivineAI bigdata-SeedFuture Play
MyfairConference booking-SeedNew Paradigm Investment
Jobis & VillainsTax30 billionSeries B BridgeHB Investment, Atinum Investment, Capstone Partners, Korea Omega Investment, DSC Investment, Premier Partners
OnepredictB2B AI30 billionSeries CStonebridge Ventures, Atinum Investment,KTB Network,Korea Develpoment Bank, Shinhan Bank, SK Securities, LB Investment, LG Energy solution, GS Power
KinolightsOTT search platform2.5 billionPre-Series AUnion Investment Partners, LG UPLULS, Kakao Ventures, Shinhan Capital
PayhereFintech2 billionSeries AMirae Asset Capital
ElephantContech-SeedSpring Camp
KaflixCar Rental-Yanolja
DAL CompanyHealthcare-SeedSmilegate Investment
onesglobalDigital Healthcare-SeedKorea Venture Investment
CrealloManufacturing service-SeedCrypton
SaengongCommodity Brand12 billionSeries AIMM Investment, A Ventures, CJ ENM
IDKLABManufacture3.5 billionSeries APosco Capital, Hanyang-eng
PoinblackEducation2 billionPre-Series APhilian Venture Investment, Honest Ventures, Root Ventures
CarchapMobility1.5 billionPre-Series AFutureplay, Laguna Investment, Time Works Investment
AvatyeAd tech-M&ABuzzvil
You need characterAnimation-MYSC
BlockodysseyBlockchain-Series ASKnetworks, Hahsed, SB Partners, KT&G, Timewise Investment, KB, Hana Ventures
DongnaeFintech25 billionSeries ANFX, Daol Investment, Hana Financial, Hana Bank, Eugenebank, Metaproph, iloom, Han River Partners, Flybridge, Maple VC
Music cowFintech6 billionHanwha Systems
Artificial SocietyEducation-Naver D2SF, Kakao Ventures, Markncompany, Yoonmin Foundation
Social Investing LabFintech-Pre-Series ASK Securities, Industrial bank of Korea
EMOCOGDigital therapeutics15 billionPre-Series AKakao Ventures, Stonebridge Ventures, GC Pharma, SV Investment
BrichEcommerce6 billionSeries BBDC LABS, T Investment, Wooribank, DK Investment Partners
Craving CollectorFashion5.5 billionPre-Series AKream
blabla ENMMeta Voice3 billionSeries AZER01NE, KTB Network, KYOBO Securities
Gori AILast mile solution3 billionSeed4PX Experss
PSXFintech1.5 billionSeries APosco Capital
SwitchwonFintech1.1 billionSeedBusan Technology Holdings, Risings ventures, Posco Capital
FnbpeopleFoodtech1 billionHyundai Marine & Fire Insurance, HYUNDAI VENTURE INVESTMENT
BeautymakersBeauty-SeedThe Invention lab
NUTRABBITFood-SeedThe Invention lab
WiselectionBio/Healthcare-SeedThe Invention lab

Major Funding

  • OneFredict has attracted 30 billion won in investment. Its solution GuardiOne diagnoses the condition of key facilities based on industrial AI algorithms and predicts failures in advance.
  • Digital healthcare startup Emocog has raised 15 billion won. It develops and supplies Cogthera, the digital treatment for patients with mild cognitive impairment at the pre-dementia stage.
  • Dongnae, a finTech startup for residential real estate, has received a 25 billion won investment. It runs Dongnae FLEX, which provides premium apartments with lower deposits and an average discount of over 98 percent.

#Trend Analysis

HR SaaS Market is Growing

Due to the COVID-19 pandemic, global investment is focused on HR Tech companies. Demand for HR solutions is growing as many companies have introduced HR tech solutions to effectively reduce the time and cost required for personnel management, and job seekers can conveniently apply for employment. In particular, HR SaaS startups that enable quick recruitment and efficient management of talent are gaining popularity in the IT market, where fierce competition for hiring talent takes place.

In Korea, investment in HR tech startups is on the rise: HR SaaS startups that provide attendance management, payroll settlement, and personnel management. Flex is one of the leading companies in the field. It has secured 38 billion won worth of Series B investment from Greenoaks Capital and DST Global, raising the most investment in the HR tech industry last year. Lemonbase is a platform focused on personnel evaluation. It has systematized personnel evaluation which was formerly done on a whim. Within a year and a half after its launch, it has secured more than 1,000 customers, including Lotte Food and Kakao.

Shiftee, a workforce management software, was acquired by SaaS company BusinessOn Communication last year for 28 billion won. Shiftee has grown rapidly by securing 150,000 clients, from large companies to startups, and succeeded in selling the business four years after its establishment.

Early-stage startups are also attracting investors’ attention. Doodlin is a recruitment management solution that makes it simple to handle tiresome tasks like managing applicant data and adjusting interview schedules. It is used by more than 1,300 startups and large corporations. Last year, it received investment from Altos Ventures, which invested in Korean unicorns such as Coupang and Toss.

With the growth of the HR market, more and more companies are expanding their services to HR recruitment fields based on their existing services. A business card management app Remember is growing into a recruitment platform based on its community and talent searching service with vast numbers of users as weapons. Remember is an affiliate of Naver. Last year, it received 160 billion won in investment from SaraminHR and others, and it is now aiming to preoccupy the HR market 

Jobplanet, Korea’s answer to Glassdoor, recently opened a private recruitment center. Based on its corporate DB, the company plans to provide an integrated service that allows users to see the interview reviews, company reviews, salary, welfare information, and employment application at once. TeamBlind, an anonymous community app, also operates a service for hiring experienced workers.

For the time being, HR tech businesses are projected to remain attractive among venture capital firms. The HR tech market is expanding rapidly due to the prolonged pandemic. As more companies feel the need for efficient talent management, the related market and investment are expected to grow as well.

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