Darwinbox raises $72M, to invest in Southeast Asia talent

DARWINBOX, an Asia-based human resources (HR) technology platform, is looking to invest in more talent in Southeast Asia, including the Philippines, after it raised $72 million from a new funding round.

The Software as a Service (SaaS) startup raised $72 million through a funding round led by Technology Crossover Ventures (TCV). This boosted its valuation past $1 billion.

“We made a conscious decision to really invest in offices and people in the Philippines,” said Juancho Jerusalem, Darwinbox’s vice-president and head of expansion in Asia Pacific and Japan, at a virtual briefing on Tuesday. “We want to revolutionize the user experience of every person. We want to help both white-collar and blue-collar workers.”

Darwinbox provides a cloud-based platform that caters to digital HR needs in all industries across the entire employee lifecycle, from the recruitment and onboarding process to streamlined employee data and work force management. 

It is used by over 650 enterprises across the globe, including Filipino enterprises such as JG Summit Holdings, Inc., Robinsons Bank Corp., and NutriAsia, Inc. among others. Most recently, it partnered with Shakey’s Pizza Asia Ventures, Inc. to optimize HR tech for over 1,000 employees.

With a 300% revenue growth year on year, the platform aims to grow the team by three times in the Philippines in order to sustain this momentum, added Mr. Jerusalem.

“A lot of things have happened globally that have fast-tracked the recognition of HR management solutions in all industries… Entering the pandemic, it’s unanimous that companies now believe that the most important piece in the puzzle is people,” he said.

He also noted the wide range of industries that can benefit from Darwinbox, including retail, banking and finance, manufacturing, which has a large number of blue-collar workers, and fast-growing startups that want systems to sustain their growth.

Jayant Paleti, co-founder of Darwinbox, pointed out in a statement the importance of technology in helping organizations unlock their employees’ potential.

“This has especially found resonance in this rapidly evolving world of work over the last two years, with companies having to rethink how they attract, manage and retain their talent,” he said.

Mr. Jerusalem added they are in talks with some Philippine universities interested in partnering for training programs.