Dhaka, Bangladesh – Shomvob, a pioneering B2B job-tech and HR tech platform in Bangladesh, has announced the successful completion of a USD 1 million pre-seed financing round. The round was led by Singapore-based venture capital firm Cocoon Capital and included a significant grant from the Bill & Melinda Gates Foundation aimed at improving job access for low-income women in the country.

Founded in May 2022 by Rifad Hossain, Naqib Muhammad Faiyaz, and Hasibur Rahman, Shomvob aims to address critical hiring issues faced by over 650,000 corporations and SMEs in Bangladesh. These organisations struggle with inefficient, paper-based hiring processes and information asymmetry, resulting in talent mismatches and up to 30% productivity loss. Simultaneously, approximately 70 million people face challenges finding suitable jobs, often resorting to unreliable middlemen known as ‘dalals’.

Shomvob’s platform offers job seekers a professional digital identity and a streamlined application process. Its advanced algorithm matches candidates with appropriate job opportunities, while its Application Tracking System (ATS) provides transparent, real-time updates. For employers, Shomvob simplifies hiring, reducing both time and costs, and ensuring compliance.

Since its inception, Shomvob has registered over 600,000 job seekers and more than 1,300 companies, facilitating over 12,000 job placements across key sectors such as logistics, retail, and healthcare. The company has also partnered with UNICEF’s Generation Unlimited P2E initiative to enhance the employability of young job seekers through quality education, skills training, and employment opportunities, particularly for underprivileged and marginalised communities.

The new funds will be used to develop a comprehensive Human Resources Information System (HRIS) encompassing recruitment to payroll management, streamlining HR processes, and improving job access, especially for historically underserved groups. Shomvob’s long-term vision includes integrating embedded financial services and expanding into the global mobility market to facilitate human resource movement.

The recruitment and staffing market in Bangladesh is valued at USD 17 billion, with the broader Asian market estimated at USD 250 billion, growing at 8% annually. Shomvob aims to expand its platform to other emerging and developing countries facing similar employment challenges.

“We are immensely grateful for the support from Cocoon Capital and the Bill & Melinda Gates Foundation,” said Rifad Hossain, CEO of Shomvob. “Their backing is crucial as we strive to transform the employment landscape in Bangladesh into one that is fairer and more efficient. We are also proud to align with the United Nations Sustainable Development Goals, particularly those aimed at eradicating poverty and promoting decent work and economic growth.”

Zong Xi Sia, Investment Director at Cocoon Capital and new member of Shomvob’s board of directors, commented, “We are thrilled to make our first investment in Bangladesh with Shomvob. The company is addressing critical employment challenges while championing equitable job opportunities and inclusive growth. This partnership marks a significant step towards creating lasting social impact in the region. We are excited to support their dedicated team as they continue to innovate and expand their transformative solutions.”