Kufu, a Japanese company developing HR automation platform SmartHR, has raised ¥500m ($4.9m) in a new round of funding led by WiL (World Innovation Lab). Singapore-based BEENEXT and 500 Startups Japan also contributed to the investment alongside individual backers.
The Tokyo-based company’s cloud-based software automates businesses’ employee benefits and insurance programmes. However, unlike many in the space, such as the $2bn-valued Zenefits, which offer free access to their platforms and then monetise through insurance sales, SmartHR operates on a SaaS subscription basis.
Kufu claims it now counts 1,700 companies subscribing to its platform and aims to reach 4,000 by the end of the year.
It says it will use the capital to expand its team from 20 to 35 people, as well as continue the development of its automation tech.
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