A Singapore-based startup, Rewardz managed to raise US$2 million from Japan's Benefit One. The fund will be used to fuel profitability and a possible market expansion plan into Japan.
Singapore-based human resource technology solutions provider, Rewardz Pte Ltd., today announced that it has secured a strategic investment from Tokyo-listed Benefit One Inc., a fringe benefit outsourcing service company established in March 1996 and claimed to have eight million members in Japan alone.
Following the deal, Benefit One has become the majority stakeholder in the startup, with an investment of S$3 million (about US$2.1 million).
Rewardz founders Sudhanshu Tewari, Nicole Seah, and Jaya Maru will maintain their shares within the company, together with Benefit One which had been appointed as a strategic investor as per December 1.
Rewardz has been digitising HR services in Singapore with products like EmPerks and Flabuless, which integrates traditional corporate benefits programmes with an online mobile application.
Tapping into gamification, the app allows staff to better visualise their benefits and track their health progress. The platform also allows employers to reward employees for their participation and progress.
The company stated that they are going to focus on monetising its current entities in Singapore, Malaysia, and Dubai in 2017. They also cited possibilities to expand into other Asian markets in the future.
“Although there are no immediate plans to enter the Japan market for Rewardz, we will be working towards integrating our technology into the Benefit One platform in Japan in the future,” Tewari explained.
But outside of Singapore, Rewardz is also available in Dubai, Hong Kong, Indonesia, Malaysia, and Australia. The company also claimed to have secured clients such as DBS, Manulife, Disney, NUHS, JTC, Fuji Xerox, DB Schenker, Intercontinental Hotel Group, Ascott Holdings, and Lendlease.
“One of the biggest challenges faced by any technology startup is funding the company until it scales up sufficiently to support itself. This long-term strategic partnership with Benefit One has solved this crucial problem for us and we will be fully focused on growth and to be scaling the business,” said Rewardz CEO, Sudhanshu Tewari.
By Vivian Foo, Unicorn Media
Release ID: 154653