Digital Asia News Update
Headquartered in London , Jibble is incorporated in Malaysia with teams in mainland Europe, Russia, and Southeast Asia
Workforce management software-as-a-service (SaaS) startup Jibble today announced that it has raised US$1.3 million in funding, pushing its valuation to over US$10 million.
Saqib Qureshi, a Canada-based property developer and brother of Jibble Co-Founder Asim Qureshi, was a major participant in the funding round, which also included undisclosed family offices in UK and the Middle East.
In a press statement, Asim Qureshi, who is also the CEO of LaunchPad, said that the funding will enable the company to expand its development team and increase sales and marketing efforts.
“It’s exciting that Jibble is on track for achieving a US$1 million ARR in two years despite not having anyone in sales and marketing. To put this in context, the average time for SaaS companies that manage to achieve a US$1 million ARR is six years. We’ve clearly built a phenomenal product and so it’s time we put a lot more focus on getting out there,” he said.
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However, Jibble Co-Founder and CEO Fawad Akram said that the company also has plans to reach out to enterprises as well.
“Other human resource and payroll apps offer time and attendance add-ons that are shallow offerings, and thus Jibble is focussed on building a deep category of features to serve the various needs of an enterprise and the varied market segments that include remote, mobile, or on-site teams of blue and white collar workers,” he said.
Headquartered in London, Jibble is incorporated in Malaysia with teams in mainland Europe, Russia, and Southeast Asia.
The startup is a portfolio of Malaysia-based venture builder LaunchPad.
It claimed to have over 350 paying customers and growing by over 20 per cent month-on-month. The largest concentration of its clients are in the US, India, and Europe.
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