Singapore Startup HReasily Gets US$5m from Envy Capital

HReasily, a Singapore-based HR and benefits management platform, announced that it has received a US$5-million investment from one of its clients, venture capital firm Envy Capital.

In a statement, HReasily, whose technology is focused on serving small to medium enterprises, said Envy Asset Management, the parent of Envy Capital, has been using its platform since 2015.

The investment, according to HReasily’s chief executive officer and co-founder Pascal Henry, is a testament to the startup’s growth potential and unique approach to product development.

HReasily said its platform now has over 30,000 companies in different countries around Asia. These firms operate in Vietnam, Cambodia, the Philippines, Indonesia, Hong Kong, Thailand, Malaysia, and Singapore.

The platform provides HR and benefits management services such as leave management, time and attendance, expense claims, and payroll. Moving forward, HReasily aims to add scheduling and employee benefits next and then performance appraisal, onboarding and scheduling, and reporting by 2020.

So far this year, the startup has added an insurance component to its staff benefits pilot module. It also introduced its white-label solutions.

The investment from Envy Capital will be used to accelerate the startup’s development and speed up the addition of new features.

Envy’s deputy managing director Rhiya Lee said HReasily’s business model is scalable and features a system that allows for the addition of new modules as needed. She added that the platform saves companies and business a lot of time and manpower because it is easy to use.

HReasily was founded in July 2015 by Pascal Henry and Theo Marshal Silalahi. It raised an undisclosed amount in its seed round in April 2018, backed by Zino Ventures and Mazars.

The investor, Envy Capital, is a US-based venture capital firm focus on entrepreneurs building remarkable startups.

Recently, another Singapore-based HR startup raised funding. StaffAny secured $722,000 in a seed round led by FreakOut Holdings, a Japanese marketing technology company.