Flex Raises $7.4M at $370M Valuation.

Seoul, South Korea - Flex secured KRW 10 billion (US$7.4 million) in Series B-1 bridge funding from Hanriver Partners, valuing the company at KRW 500 billion (US$370 million), the company said.

The company was established in May 2019 and operates an HR platform that covers the entire employee lifecycle, from recruitment to retirement.

Flex reported an annual recurring revenue of KRW 30 billion (US$22.2 million).

Flex said it would use the funds for what it calls "Next Flex" implementation, including the launch of AI-integrated services and hiring for AI engineering, sales, marketing, and leadership positions.

The company said it plans to pursue Series C funding within one to two years. If valued at twice the current level in Series C, Flex would reach unicorn status.

"Customer growth has driven Flex's growth, so we first express gratitude to our customers," said Chief Executive Haenam (Justin) Chang. "Thanks to customer support, we have surpassed KRW 30 billion (US$22.2 million) in annual recurring revenue, and we will accelerate efforts to attract Series C investment for greater growth."

Chang said the company aims to combine AI with services to become a pioneer in domestic AI SaaS and open what he called the "SaaS 2.0 (Service as a Software)" era.

Francis Park, partner at Hanriver Partners, said Flex is "a company growing at a rare pace in the Korean HR SaaS market" and is "rapidly evolving into a platform that supports strategic decision-making based on organizational data beyond HR management functions."

Hanriver Partners describes itself as a global venture capital firm connecting Silicon Valley and Korea.

Flex's platform combines software with "Flex Partners," a subscription service providing HR and payroll specialists to address organizational HR issues.

The company launched a cost management service in the financial sector in late 2024.

It introduced "Flex Mini," a mobile application for small business owners, self-employed individuals, and part-time workers, in early 2025.

Including this round, Flex has received a total investment and guarantee support of KRW 80 billion (approximately US$59.2 million).

(US$1 = KRW 1,350)