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Startups

Swit Technologies' valuation tops $80 mn in Series A round

Investors are paying attention to the Silicon Valley-based startup poised to become the next 'Slack'

By Aug 27, 2021 (Gmt+09:00)

Swit team at the Startup Grind Global Conference 2020 (Courtesy of Swit)
Swit team at the Startup Grind Global Conference 2020 (Courtesy of Swit)

Swit Technologies Inc., the provider of team collaboration tool Swit, is near wrapping up its Series A funding round, having raised around $17.8 million with a valuation of around $13 million, according to the venture capital industry on Aug. 26.

The company's latest funding round saw participation from investors including Smilegate Investment, SV Investment, IMM Investment and Dunamu & Partners.

Founded in 2017, the Silicon Valley-based startup is led by Josh Lee, a Seoul National University graduate who recently graced the cover of IT magazine CIOReview.

Swit Technologies' subscription-based Software-as-a-Service (SaaS), Swit, combines messaging and task management features alongside bundled functions that include scheduling projects, designating person-in-charge for tasks as well as visualizing the work process.

In addition to small teams, Swit also provides collaboration solutions that connect companies with each other -- a feature that sets the startup apart from its competitors.

Currently, over 35,000 companies across 180 countries including Twitter, WeWork and Thomson Reuters use Swit. In Korea, the e-commerce platform TMON Inc. and Korean Air Lines Co. are also Swit users.

The investment industry expects Swit Technologies to lure investors given the rapidly growing SaaS market. Also, collaboration tools have come into the spotlight amid the increasing contactless working environment brought on by the COVID-19 crisis.

Last year, Swit Technologies was selected as the ‘Growth Startup of the Year’ at the world’s largest startup community Startup Grind’s 2020 Global Conference. The company currently houses around 30 employees in its San Francisco headquarters and around 70 employees in the Seoul office. 

Write to Jong-woo Kim at jongwoo@hankyung.com

Danbee Lee edited this article.

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