Shomvob raises $1m to transform employment access

Shomvob raises $1m to transform employment access

Shomvob, the leading B2B job-tech and HR tech platform in Bangladesh today announced a USD 1 million pre-seed financing round led by Singapore-based early-stage venture capital firm Cocoon Capital. Shomvob also received a grant from the Bill & Melinda Gates Foundation to create access to job opportunities for the low-income women population in the country. The company was founded in 2022 and is dedicated to supporting the blue and silver-collar workforce.
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 mismatch of talent, causing up to 30% 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 and a seamless application process for relevant positions. Its advanced algorithm matches candidates with suitable jobs while its Application Tracking System (ATS) offers transparent, real-time updates on application progress. For companies, Shomvob simplifies their hiring processes, reducing time and costs while ensuring compliance.