HR management platform based in South Korea flex announced today that it has closed a $32 million Series B funding round at a valuation of $298 million. The latest funding, which brings its total raised to $42 million, was led by Holm oaks, with participation from DST Global Partners.
The startup’s mission is to enable companies to automate and streamline manual HR work processes and focus more on people. Its automation tools optimize the employee experience to ensure a seamless flow of data between groups for use in payroll, e-signature support, onboarding/leaving, and people analytics. It also plans to launch performance assessment and talent relationship management tools in the first quarter of 2022.
“At flex, we define HR as human relationships, not human resources. We believe HR teams deserve world-class software to manage and serve their people, but today it’s clear that many organizations are still using spreadsheets or legacy products to make ends meet, Haenam said. Chang, CEO of flex.
The two-year-old startup will use the product to scale its operations to meet demand, advance its HR automation and SaaS products, and grow its workforce.
The Series B funding builds on nearly ten-fold revenue growth over last year, driven by a number of product launches and new customers. The startup mainly served SMEs in the IT sector. However, flex plans to expand the addressable market by targeting new industries in the SME space this year. He did not divulge any user or customer numbers when asked.
Currently, flex is focused on its growth in South Korea by offering a SaaS solution that modernizes HR functions and processes, which have been slow to adapt to technical advancements over the past 20 years. The company said its deep understanding of the cultural nuances in people management and HR regulations in the country helps it adapt to be well positioned to offer a suitable set of products for South Korean businesses.
“While some companies have adopted solutions to track and improve the way they manage their employees, most still rely on instinct or insufficient data to make ad hoc decisions about employees. At flex, we give customers 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 just to provide a great HR software solution, it is to give businesses the means to better track and manage their most important assets, their people,” Chang said.
“Korea is one of the largest and fastest growing economies in the world, but historically lacked a native solution for businesses to manage and pay their employees, leaving businesses frustrated and forced to develop their own local solutions” , said Josh Cho of Greenoaks. “Today, flex is rapidly building the nation’s first human resources information system and next-generation payroll platform. We’re excited about their vision for an end-to-end product that will allow companies to manage all of their HR functions in one place, from performance management to recruiting to payroll and more.