Better HR secures new investment to accelerate expansion in Southeast Asia

Monday, 1 July 2024 00:00 - - {{hitsCtrl.values.hits}}

To further extend presence in the Southeast Asian (SEA) market, Better HR has obtained a major six-figure bridge fund investment.

“We are delighted to report this news. Satori Giants PTE, a new investor, and Blibros AB, a current partner, are the ones accountable for this recent investment of funding. To expand our reach across major SEA markets as well as establish more offices, the funding is crucial,” Better HR said.

As of May 2024, Better HR supports over 380 active customer companies through offices in Sri Lanka, Cambodia, and Myanmar. By empowering it to establish more offices, the additional financing will strengthen commitment to providing exceptional HR solutions throughout Southeast Asia.

The new investor, Satori Giants PTE, is a Singapore-based venture studio firm known for supporting innovative startups. Their belief in our objectives and capabilities is a strong support of Better HR’s approach and prospects.

Satori Giants Chairman Max Thornton expressed his confidence in our team, stating, “Better HR is a highly resilient team, showing an ability to scale and reach product-market fit across multiple markets. We are happy to support them in their next stage of growth.”

“Our existing investor, Blibros AB, a family office from Sweden, has been a steadfast supporter of Better HR for years. Blibros AB partner Jonas Lindstrom remarked, “We’ve been working with the company for many years and believe in their capabilities to continue growing and expanding into new countries.”

Better HR CEO Myo Zaw Hein shared his excitement about the new investment: “We are very pleased to receive this vote of confidence and capital from both new and existing investors. Despite challenging macroeconomic conditions, Better HR has demonstrated resilience and continues to deliver valuable cloud services for HR and payroll operations.”

The company’s journey began in 2019 when Better Technologies PTE was officially incorporated in Singapore. Later that year, it opened Better HR in Myanmar. After a short break in 2021 brought on by civil unrest, it relaunched the Yangon office in March 2022. Since then, it has expanded rapidly, opening a second office in Colombo, Sri Lanka, in May 2022, and a third office in Phnom Penh, Cambodia, in 2024. Our active customer base has grown from 78 in March 2022 to over 380 by March 2024, showcasing rapid growth and market acceptance.

The company’s innovative HR solutions will be available to even more businesses in the SEA region due to this new amount of funding, which will allow it to speed up expansion efforts. It is very excited about the future possibilities that the funds will open up and is appreciative of the ongoing support from investors.