Cambodia Investment Review
Better HR has successfully secured a significant six-figure investment to enhance its expansion across the Southeast Asian (SEA) region, with a particular focus on Cambodia. This funding comes from both a new investor, Satori Giants PTE, and an existing one, Blibros AB. This financial boost is set to facilitate the opening of new offices in key SEA markets, to better serve the growing demand for cloud-based HR solutions.
Better HR specializes in cloud-based applications that streamline various HR and payroll processes. These include attendance and leave management, overtime tracking, recruitment, employee onboarding, learning, performance management, and payroll processing. The software also offers payroll localization tailored for countries such as Singapore, Vietnam, Cambodia, Sri Lanka, and Myanmar.
Establishing A Presence In Phnom Penh
The company has made significant strides since its incorporation in Singapore in 2019 and the launch of its cloud-based HR and payroll software in Myanmar later that year. Despite facing operational challenges due to civil unrest in Myanmar, Better HR has shown resilience by reopening its Yangon office in March 2022, expanding to Colombo, Sri Lanka, in May 2022, and establishing a presence in Phnom Penh, Cambodia, in 2024.
Myo Zaw Hein, CEO of Better HR, expressed optimism about the new funding. “We are very pleased to receive this vote of confidence and capital from both new and existing investors. Despite challenging macroeconomic conditions, Better HR has demonstrated resilience and continues to deliver valuable cloud services for HR and payroll operations,” Hein stated.
Cambodia, with its rapidly growing economy and increasing adoption of digital technologies, represents a strategic market for Better HR. The company’s Phnom Penh office, which opened in 2024, has already seen substantial interest from local businesses seeking efficient HR solutions. This new investment will be instrumental in expanding the company’s operations in Cambodia, allowing it to offer more localized services and support to Cambodian businesses.
The new investor, Satori Giants PTE, is a venture studio firm based in Singapore. Max Thornton, Chairman of Satori Giants, praised Better HR’s team and their capability to scale. “Better HR is a highly resilient team, showing an ability to scale and reach product-market fit across multiple markets. We are happy to support them in their next stage of growth,” said Thornton.
Read More: Satori Giants and X Venture Holdings Invest in Cambodian Startup Jalat Logistics
Blibros AB, a family office from Sweden and the largest institutional shareholder in Better HR, has been a long-term supporter of the company. Jonas Lindstrom, a Partner at Blibros AB, highlighted their continued confidence in Better HR. “We’ve been working with the company for many years and believe in their capabilities to continue growing and expanding into new countries,” Lindstrom commented.
Funding Is Pivotal In Scaling Their Operations In Cambodia
The company currently operates offices in Sri Lanka, Cambodia, and Myanmar, supporting over 380 active customer companies as of May 2024. The newly acquired funding will be pivotal in scaling their operations in Cambodia and other SEA countries, providing localized payroll solutions and expanding their customer base.
The history of Better HR underscores its resilience and adaptability. After a temporary operations hiatus in 2021 due to civil unrest in Myanmar, the company reopened its Yangon office in March 2022 with 78 active customers. By March 2024, this number had grown significantly to over 380 active customers, demonstrating substantial growth and market acceptance.
Blibros AB’s long-term investment and Satori Giants’ new support are crucial endorsements of Better HR’s business model and future potential. As the company looks to expand further into the SEA region, particularly in Cambodia, this investment will play a critical role in supporting its growth trajectory and enhancing its service offerings.
For more information about Satori Giants and their investment strategies, visit their website and Crunchbase profile. To learn more about Better HR visit their website and LinkedIn page:
