TLDR:
Shomvob, a B2B job-tech and HR tech platform in Bangladesh, raised $1 million in a pre-seed financing round led by Cocoon Capital. The platform aims to transform the employment landscape in Bangladesh by providing job opportunities for low-income women and promoting decent work and economic growth.
Summary:
Shomvob, founded in 2022, addresses critical hiring issues for corporations and SMEs in Bangladesh by providing job seekers with a digital identity and a seamless application process. The platform has registered over 600,000 job seekers and more than 1,300 companies, successfully facilitating over 12,000 job placements in sectors like logistics, retail, and healthcare. They have also partnered with UNICEF’s Generation Unlimited Passport to Earning (P2E) to boost youth employability. The funding will support the development of a HRIS system and expanding into the global mobility market.
The recruitment and staffing market opportunity in Bangladesh is valued at $17 billion with an Asian market size of $250 billion growing at 8 percent annually. Shomvob plans to expand to other emerging countries with similar employment challenges. Cocoon Capital, the lead investor, believes that Shomvob’s mission of championing equitable job opportunities and inclusive growth will create lasting social impact in the region.
