Vietnam’s online recruitment platform, Transcendental Human Resources JSC, known locally as Sieu Viet, has raised US$34 million from Singapore-headquartered private equity firm Affirma Capital to finance its expansion plans.
The startup, established in 2014, said the funding from Affirma Capital would help it solidify its market leadership and value proposition in Vietnam. The funding, which is subject to regulatory approval, also allows Sieu Viet to roll out value-added services to customers across its platform.
Sieu Viet operates four job portals in the country – TimViecNhanh.com, ViecLam24H.vn, ViecTotNhat.com, and MyWork.com.vn. It claims to have referred millions of job applicants to over 500,000 businesses in Vietnam.
The company also employs close to 500 people across Ho Chi Minh City and Hanoi.
Sieu Viet is Affirma Capital’s fifth investment in Vietnam since 2014. Prior investments include N Kid Corporation (an integrated children’s lifestyle platform), Online Mobile (a mobile payment and e-wallet platform), Loc Troi Group (an agrochemical distribution and food production company), and Golden Gate Group (a restaurant chain operator).
“We are witnessing the most exciting growth period in Vietnam with a 55-million strong workforce and an economy that is rapidly becoming increasingly productive and well-diversified,” said Thuy Dropsey, Executive Director at Affirma Capital.
She added that Sieu Viet is well-positioned to capitalize on these trends alongside increasing online penetration in the employment services industry.
“We are very positive about the future of the business and highly value Affirma’s experience and commitment to developing technology and consumer businesses,” said Phan Minh Tam, chairman and co-founder of Sieu Viet.
The startup is under Simple Tech Investment (STI), a Vietnam-based seed and venture capital investor founded by Phan in 2004.
STI has invested in over 20 companies in Southeast Asia across media, technology, HR services, transport, consumer retail, real estate, and education verticals. It also runs a startup incubator program in Vietnam.