Korea’s all-in-one HR platform startup Flex has raised a Series B-1 bridge funding round of $7.2 million (KRW 10 billion) from Han River Partners, achieving a company valuation of $360 million (KRW 500 billion).

Since its founding in May 2019, Flex has raised a cumulative total of approximately $57.6 million (KRW 80 billion), including investments and credit guarantees.

Flex plans to use the new funds to fuel growth for its “Next Flex” initiative. Specifically, it intends to invest in the launch of new AI-integrated services and hire key talent in areas such as AI engineering, sales & marketing, and leadership positions.

Flex offers an all-in-one HR platform that covers the entire employee lifecycle—from recruitment to retirement. In addition to software, Flex features a service called “Flex Partners,” a subscription-based group of HR and payroll experts that helps organizations solve fundamental HR challenges.

The company stated, “We plan to pursue a Series C funding round within 1–2 years. If we achieve double the current valuation in Series C, we expect to reach Unicorn status.”

Compared to its previous funding round, Flex’s valuation has increased approximately 1.4 times. In January 2022, during its Series B round, Flex was valued at around $287 million (KRW 350 billion). This new valuation of $360 million (KRW 500 billion) sets a record for the fastest rise in enterprise valuation among financial investments in domestic SaaS startups.

Since being selected for Korea Credit Guarantee Fund’s “7th Innovation Icon” program in 2022, Flex has uniquely achieved all KPIs for three consecutive years, reaching the maximum credit guarantee limit of $14.4 million (KRW 20 billion).

Francis Park, Partner at Han River Partners, commented, “Flex is growing at an exceptional pace in Korea’s HR SaaS market. The platform is rapidly evolving from basic HR management to supporting strategic decision-making based on organizational data. We believe the team has strong execution capabilities proven in Korea and great potential for global expansion, which led us to invest.”

Flex CEO Hae-Nam Jang added, “We have surpassed $21.6 million (KRW 30 billion) in ARR (Annual Recurring Revenue), and will push forward aggressively to secure Series C funding. By combining AI with our services, we aim to pioneer Korea’s ‘AI SaaS’ landscape and usher in the era of ‘SaaS 2.0.’”