All-in-one HR platform operator Flex announced on the 11th that it had attracted approximately KRW 10 billion in Series B-1 bridge investment from venture capital firm Han River Partners. Through this investment, Flex was recognized as having a corporate value of KRW 500 billion.
Flex is an HR SaaS startup founded in May 2019 that provides a platform that comprehensively supports various HR tasks such as personnel management, payroll, and attendance.
This investment will be used to promote next-generation businesses such as developing new services incorporating artificial intelligence (AI), expanding technology and sales organizations, and securing key talent. Flex plans to attract Series C investment within the next 1-2 years, and if the company’s value doubles from its current level, it is expected to be able to enter the unicorn category (unlisted companies with a corporate value of 1 trillion won or more).
Flex also showed rapid growth when it received a corporate value of approximately KRW 350 billion during its Series B investment in 2022. After being selected as the '7th Innovation Icon' by the Korea Credit Guarantee Fund in the same year, it achieved key management indicators (KPIs) for three consecutive years and received support of up to the maximum guarantee limit of KRW 20 billion. The cumulative investment and guarantee support amount, including this investment, is approximately KRW 80 billion.
Flex CEO Jang Hae-nam said, “We have surpassed 30 billion won in annual recurring revenue (ARR) through customer base growth,” and “We will lead the domestic AI SaaS market through SaaS advancement combined with AI technology.”
“Flex is rapidly evolving into a platform that supports strategic organizational operations,” said Francis Park, partner at Hanriver Partners. “Based on its performance in the domestic market, we highly evaluate its potential for future global expansion.”
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