HR platform startup 'Flex' announced on the 12th that it has secured a 10 billion won series B-1 bridge investment from venture capital (VC) Han River Partners.
Flex is an IT startup founded in May 2019 with the mission of 'becoming an essential resource for all workers by solving various problems experienced by organizations and members.' The investor, Han River Partners, is a global VC that connects Silicon Valley in the United States with Korea. With this investment, Flex's value is estimated at 500 billion won.
Flex is an all-in-one HR platform that encompasses the entire lifecycle of members from recruitment to retirement. The service is characterized by a subscription to a group of HR and payroll experts called 'Flex Partners' that addresses fundamental HR issues of organizations. At the end of last year, it launched 'expense management' services, which fall under the finance sector beyond HR, and earlier this year introduced a mobile app called 'Flex Mini' optimized for small business owners, self-employed individuals, and part-time workers.
Flex plans to use the investment to prepare growth momentum for 'Next Flex.' It will launch new services combined with AI and invest in hiring key talents across leadership levels as well as in AI engineering and sales/marketing organizations. Additionally, there are plans to pursue series C funding within 1-2 years. If it achieves a valuation twice that of the current one in series C, it will become a unicorn corporation (an unlisted company valued at over 1 trillion won).
Jang Hae-nam, CEO of Flex, said, 'Flex has surpassed annual recurring revenue of 30 billion won and will accelerate efforts to secure series C investments for greater growth,' adding, 'By combining AI with services, we will become a pioneer in domestic 'AI SaaS' and open a new 'SaaS 2.0 era.'