Companies news
BrioHR Raises $6.5M in Series A Funding Led by Openspace
Singapore-based HR tech startup BrioHR has raised S$8.7 million (US$6.5 million) in a series A funding round.
The investment was led by Openspace Ventures, with participation from Taiwania Hive Ventures and other regional investors.
The funds will be used to enhance BrioHR’s platform, which offers payroll, compliance, and employee engagement tools to over 1,000 companies across Malaysia, Indonesia, Singapore, and other ASEAN countries.
The company plans to incorporate AI capabilities and expand its presence in Singapore.
CEO and co-founder Benjamin Croc highlighted Singapore’s importance due to the government’s push for digital transformation and AI adoption.
HR tech funding in Southeast Asia shows 6x growth since 2017
BrioHR’s S$8.7 million (USD$6.5 million) Series A funding represents a significant scaling of investment compared to early HR tech players in the region.
In 2017, Swingvy raised just $1.1 million in seed funding for its HR software targeting the same Southeast Asian markets that BrioHR now operates in 1.
This increase in funding amounts demonstrates how the HR tech sector has matured in Southeast Asia over an 8-year period, with investors now willing to place larger bets on proven solutions.
The investment reflects growing confidence in HR tech platforms specifically designed for the complex regulatory environments across multiple ASEAN countries, a challenge that early players like Swingvy also identified as their key market opportunity.
SME digital transformation creates fertile ground for HR tech growth
BrioHR’s timing aligns perfectly with Singapore’s accelerating SME digitalization efforts, which face both government support and implementation challenges.
Over 94% of Singapore SMEs have adopted digital solutions in key areas like cybersecurity and cloud computing, creating a tech-ready foundation for specialized solutions like HR platforms 2.
However, 60% of SMEs still attribute slow tech adoption to digital skills gaps, highlighting a disconnect between desire for transformation and implementation capability 3.
The Singapore Budget 2025 directly addresses these challenges with a 50% corporate income tax rebate, cash grants, and significant top-ups to the National Productivity Fund aimed at enhancing technological adoption 4.
With SMEs facing rising operational costs and projected business growth of 2.6% in 2025, the market demand for efficiency-driving HR solutions that integrate payroll, compliance, and employee engagement is stronger than ever 5.
AI integration becomes key competitive differentiator in HR tech
BrioHR’s focus on developing AI capabilities reflects a critical shift in Singapore’s tech landscape, where AI adoption has become a key factor in business competitiveness.
AI adoption among larger enterprises in Singapore has jumped from just 16.7% in 2018 to 44% in 2023, demonstrating rapid mainstream acceptance of these technologies 2.
Singapore’s SMEs Go Digital programme aims to support 15,000 SMEs in adopting AI-driven solutions over the next two years, creating a growing market of businesses seeking AI-enhanced HR tools 6.
The government is simultaneously developing AI governance frameworks to ensure responsible deployment, addressing a critical concern for HR platforms that handle sensitive employee data 7.
BrioHR’s strategic focus on AI capabilities positions it to capture value from Singapore’s planned investments in workforce upskilling, which aim to train 15,000 AI practitioners and reskill 18,000 technical professionals 6.
SOURCE: Tech in Asia
