Mexico-based SME software and payroll platform Worky has drawn a bridge round investment from Shanghai-headquartered financial services firm ARC Group. The investment was made through ARC Group Ventures, the group's recently established venture capital arm, according to the announcement by ARC Group. Worky has not yet released its own announcement at this time.
While the amount is undisclosed, Worky has already raised US$3 million from QED Investors and LEAP Global Partners. Worky was founded in 2018 by CEO Maya Dadoo, Carlos Marina and Oscar Castillo, with the objective of addressing a major gap in how Mexican SMEs manage HR matters. According to Dadoo, employee retention is a huge problem for Mexican SMEs, with turnover hitting 65% per year in some industries, and the issue is caused partly because of a lack of employee benefits and partly because these SMEs traditionally do not hire a HR manager until they have at least 30 employees.
ARC Group was founded in 2015 and operates primarily in mainland China, with offices in Singapore, Indonesia, and Mexico City. Its venture capital activities began in April this year when it set up ARC Group Ventures as an investment vehicle focusing on startups with disruptive technology.
Worky is the second investment made by ARC Group Ventures. The first was a Series A investment in investment platform Stockal.