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HomeFunding Bangladesh-Based Shomvob Jobs Secures $1 Million Pre-Seed Funding

[FUNDING NEWS] Bangladesh-Based Shomvob Jobs Secures $1 Million Pre-Seed Funding

Singapore-based early-stage venture capital firm Cocoon Capital led a $1 million pre-seed financing round for Shomvob, the business-to-business job-tech and HR tech platform in Bangladesh.

Singapore-based early-stage venture capital firm Cocoon Capital led a $1 million pre-seed financing round for Shomvob Jobs, the business-to-business job-tech and HR tech platform in Bangladesh.

In a statement, Shomvob Jobs stated that it has been granted funding by the Bill & Melinda Gates Foundation to facilitate employment options for the nation’s low-income female population.

“We are immensely grateful for the support from Cocoon Capital and the Bill & 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,” said Rifad Hossain, Founder and Chief Executive Officer of Shomvob Jobs.

Rifad Hossain, Naqib Muhammad Faiyaz, and Hasibur Rahman created Shomvob Jobs in May 2022 with the goal of assisting both blue-collar and white-collar workers.

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Due to an over-reliance on paper-based processes and information asymmetries, it is said that more than 650,000 businesses and small and medium-sized organisations (SMEs) in Bangladesh today suffer serious hiring challenges for their frontline personnel.

This frequently leads to a skill mismatch, which can reduce production by up to 30%.

However, almost 70 million individuals in the nation struggle to obtain employment that meets their standards and frequently become victims of local middlemen or brokers known as “dalals.”

In order to address these problems, Shomvob Jobs offers job searchers a streamlined application process for relevant employment together with a professional digital identity.

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Its application tracking system (ATS) provides clear, real-time notifications on application status, and its sophisticated algorithm matches individuals with suitable employment.

Shomvob Jobs streamlines hiring for companies, saving time and money while maintaining compliance. Over 12,000 jobs have been placed by Shomvob Jobs, which has registered over 600,000 job seekers and 1,300 companies.

The platform’s impact is shown by the jobs in logistics, retail, and healthcare. Shomvob Jobs also works with UNICEF’s Generation Unlimited Passport to Earning (P2E) to help job seekers find work.

Youth in disadvantaged and marginalised communities receive quality education, skills training, and employment through this initiative. Funds will be allocated to construct a comprehensive HR information system (HRIS) that streamlines HR operations, improves job prospects, and targets historically underrepresented groups.

Shomvob Jobs wants to integrate embedded financial services for clients and enter the global mobility sector to move people. Bangladesh has a $17 billion recruitment and staffing market, with a $250 billion Asian market expanding 8% annually.

About Shomvob Jobs

Shomvob Jobs platform helps users develop a digital professional identity, a large network, and access the best employment for their abilities, qualifications, and expectations.

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