Shomvob, the leading B2B job-tech and HR tech platform in Bangladesh on Thursday announced a $1 million pre-seed financing round led by Singapore-based early-stage venture capital firm Cocoon Capital, said a press release.
Shomvob also received a grant from the Bill and Melinda Gates Foundation to create access to job opportunities for the low-income women population in the country.
The company was founded in 2022 and is dedicated to supporting the blue and silver-collar workforce.
Currently, more than 650,000 corporations and SMEs in Bangladesh face critical hiring issues for their frontline workforce due to an over-reliance on paper-based processes and information asymmetry. This often results in a mismatch of talent, causing up to 30 per cent productivity loss.
On the other hand, around 70 million people in the country struggle to find jobs that meet their expectations, often falling prey to local brokers or middlemen known as dalals.
Shomvob addresses these issues by providing job seekers with a professional digital identity and a seamless application process for relevant positions.
Its advanced algorithm matches candidates with suitable jobs while its application tracking system offers transparent, real-time updates on application progress.
For companies, Shomvob simplifies their hiring processes, reducing time and costs while ensuring compliance.
Shomvob was founded by Rifad Hossain, Naqib Muhammad Faiyaz, and Hasibur Rahman in May 2022.
Rifad Hossain, founder and CEO of Shomvob, about the funding, said, 鈥榃e are immensely grateful for the support from Cocoon Capital and the Bill and Melinda Gates Foundation. Their backing is crucial as we strive to transform the employment landscape in Bangladesh into one that is fairer and more efficient. We are also proud to be aligned with the United Nations Sustainable Development Goals, particularly those aimed at eradicating poverty and promoting decent work and economic growth.鈥�
鈥榃e are thrilled to make our first investment in Bangladesh with Shomvob, a company whose mission and exceptional team have deeply impressed us. Shomvob is not just addressing critical employment challenges; it is championing equitable job opportunities and inclusive growth. We believe this partnership marks a significant step towards creating lasting social impact in the region. We are excited to support their dedicated team as they continue to innovate and expand their transformative solutions,鈥� said Zong Xi Sia, investment director at Cocoon Capital. Sia recently joined the Shomvob board of directors.
