Darwinbox, an HR (human resources) tech platform, secures a $72 million funding round and leapfrogs to unicorn valuation. Led by Technology Crossover Ventures (TCV) with participation from existing investors the round takes the total investment in the company to over $110 million.
Darwinbox’s other investors include Salesforce Ventures, Sequoia, Lightspeed, SCB 10X, JG Digital Equity Ventures (JGDEV), Endiya Partners, and 3One4Capital, Since the last fundraising from Salesforce Ventures a year ago, the company has grown 300% in the Philippines.
“This investment energizes our mission to continue building technology that enables organizations to unlock the highest potential of their people,” said Jayant Paleti, Co-founder, Darwinbox. “We have done this by building a product that puts employees squarely at the center and crafting meaningful experiences for them. 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.”
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Founded in late 2015, Darwinbox’s cloud based Human Capital Management (HCM) platform caters to HR needs across the entire employee lifecycle. Their new-age product is powering digital HR for more than 1.5 million employees from 650+ enterprises across the globe. This includes Filipino enterprises and fast-growing companies like JG Summit Holdings, Robinsons Bank, Straive(erstwhile SPi Global), Shakey’s Pizza, NutriAsia, Delbros Group, along with leading SEA (Tokopedia, Zalora, Zilingo, Wilmar, Mitra Adiperkasa, Indorama, parts of Salim, Djarum group) and global (Nivea, Starbucks, Dominos, T-Systems, AXA, Tokio, Cigna) brands.
The new funding will supercharge Darwinbox’s global expansion plan by allowing the company to accelerate its platform innovation agenda, strengthen its product, engineering, and customer success teams along with scaling its go-to-market presence in multiple geographies. The company is set to triple its team within a year aiming to add more than 100 team members in SEA across its Manila, Singapore, and Jakarta offices.
“We get most excited investing behind visionary founders that are fundamentally transforming large industries with a highly resonant product,” said Gopi Vaddi, general partner, TCV. “
TCV is known for its investments in disruptive tech brands like Netflix, Facebook, Spotify, Airbnb, GoDaddy, and Zillow.