The Shomvob team
Shomvob, a B2B job-tech and HR-tech platform in Bangladesh, has raised US$1 million in a pre-seed financing round led by Singapore-based Cocoon Capital.
The Dhaka-headquartered startup also received a grant from the Bill & Melinda Gates Foundation.
The funds will support the development of a comprehensive Human Resources Information System (HRIS) that encompasses everything from recruitment to payroll management, streamlining HR processes and improving access to job opportunities, particularly for historically underserved groups.
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Founded in May 2022 by Rifad Hossain, Naqib Muhammad Faiyaz, and Hasibur Rahman, Shomvob supports the blue and silver-collar workforce in the South Asian country.
Currently, more than 650,000 corporations and SMEs in Bangladesh face critical hiring issues for their frontline workforce due to an over-reliance on paper-based processes and information asymmetry. This often results in a talent mismatch, causing up to 30 per cent productivity loss.
On the other hand, around 70 million people in the country struggle to find jobs that meet their expectations, often falling prey to local brokers or middlemen known as ‘dalals’.
Shomvob addresses these issues by providing job seekers with a professional digital identity application process for relevant positions. Its algorithm matches candidates with suitable jobs, while its Application Tracking System (ATS) offers transparent, real-time updates on application progress. For companies, the platform simplifies their hiring processes, reducing time and costs while ensuring compliance.
Since launch, the startup claims to have registered over 600,000 job seekers and more than 1,300 companies, facilitating over 12,000 job placements. The jobs cover several key sectors, including logistics, retail, and healthcare, demonstrating the platform’s wide-reaching impact.
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Shomvob has also partnered with UNICEF’s Generation Unlimited P2E (Passport to Earning) to boost job seekers’ employability. This initiative provides youth access to quality education, skills training, and employment opportunities, particularly in underprivileged and marginalized communities.
The HR-tech venture’s long-term vision includes integrating embedded financial services for its clients and expanding into the global mobility market to facilitate the movement of human resources.
The recruitment and staffing market opportunity in Bangladesh is valued at US$17 billion with a broader Asian market size of US$250 billion growing 8 per cent annually.
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