Singapore-domiciled digital payroll platform Skuad has raised $15 million in a Series A funding round that will further drive its global expansion, according to its press release.
The announcement did not disclose the lead investor in the funding round but ACRA filings accessed by DealStreetAsia – DATA VANTAGE showed that the round was anchored by Go-Ventures, Gojek’s corporate venture arm.
Go-Ventures contributed $5.3 million to the round, which was also participated by venture capital investors BEENEXT, Anthemis, NMVM as well as other angel investors.
Skuad said the latest round brings its total funds raised to date to $19 million. It raised $4 million in its seed round in December 2020.
DealStreetAsia reported in April that the firm raised $5 million as part of its Series A round from Mindlance, a recruiting and staffing company based in the US.
Founded in 2020 by CEO Sundeep Sahi, Skuad’s human resource platform provides custom digital contracts for over 160 countries. Its services include payroll, cross-border payments, local and IC compliance, and taxes and benefits.
The company aims to simplify the process of finding and managing the right talent while removing the limitations of boundaries.
“The way people work and companies hire has changed. Our mission is to elevate lives by democratizing opportunities and talent globally,” Sahi said.
The company clocked a revenue of $6.77 million for the year ended May 2021, according to DATA VANTAGE.
Aside from the Series A funding, Skuad also announced that it is finalising its acquisition of Codejudge, a data-driven talent assessment platform that automates the tech interview process.
In Southeast Asia, Skuad competes with several other HR-tech startups, which also offer payroll services including Malaysia’s Swingvy, which is backed by Samsung Ventures, and Indonesia’s Mekari, which raised $21 million in Series D funds led by Money Forward last year. Other global competitors include Deel, Remote, Oysterhr, and Multiplier.