Singapore-based Rewardz has raised $2.1 million from Tokyo-listed fringe investment firm Benefit One. Post the deal, Benefit One becomes a major stockholder in the human-resource tech provider. In an official statement, the company says the main focus will be on turning its operations in Singapore, Malaysia, and Dubai profitable in 2017. It also mentioned the possibility of entering into other Asian markets in the future.
Rewardz founders Sudhanshu Tewari, Nicole Seah, and Jaya Maru will maintain their shares within the company, along with Benefit One which had been appointed as the strategic investor as on December 1. CEO Sudhanshu Tewari said,
One of the biggest challenges faced by any technology startup is funding the company until it scales up sufficiently to support itself. This long-term strategic partnership with Benefit One has solved this crucial problem for us and we will be fully focused on growth and scaling the business.
Rewardz has been digitising HR services in Singapore by integrating traditional corporate benefits programme with a mobile app that utilises gamification to enable staff in startups and small- to medium-sized companies (SMEs) to visualise their benefits and track their health. It offers products such as EmPerks which allows employees to check what benefits they are entitled to and redeem them on their mobile and Flabuless that encourages people to be fit and gives employers an avenue to reward their staff for their participation and progress.
The platform serves over 50 clients including DBS, Manulife, Disney, NUHS, JTC, Fuji Xerox, DB Schenker, Intercontinental Hotel Group, Ascott Holdings, and Lendlease. Tewari says,
Although there are no immediate plans to enter the Japan market for Rewardz, we will be working towards integrating our technology into the Benefit One platform in Japan in the future.
Founded in March 1996, Benefit One is primarily engaged in the provision of agency business for welfare work of companies and claims to have eight million members in Japan alone.
