SmartHR, a Japan-based employee management software provider backed by corporates Digital Garage, Nissen and Tokio Marine & Nichido, has secured ¥12.5bn ($115m) in series D funding, Nikkei reported on Friday.
The participants in the round were undisclosed and it reportedly valued the company at roughly $1.56bn, lifting its overall funding to more than $185m since it was founded in 2013.
Originally known as Kufu, SmartHR has built a cloud-based platform which helps organisations automate and digitalise human resources-related processes including employee benefits and insurance.
The company had raised $56.8m from investors including All Star SaaS Fund, Beenext, Coral Capital, Light Street Capital, Signifiant’s The Fund and World Innovation Lab in a mid-2019 series C round that included $50.8m in equity financing and $6m in warrant bonds.
SmartHR had previously received $13.8m in a series B round that included insurance group Tokio Marine & Nichido, marketing firm Nissen and Coral Capital in 2018.
Beenext, Coral Capital (then known as 500 Startups Japan) and World Innovation Lab had taken part in SmartHR’s $4.9m round in August 2016, following a six-digit dollar sum from internet company Digital Garage’s DG Incubation unit, Beenext and East Ventures six months earlier.