In brief: LaunchPad-backed workforce management platform Jibble gets funding

Jibble, a workforce management software-as-a-service (SaaS) startup by venture builder LaunchPad, has closed US$1.3 million of funding.

The startup, which was launched in November 2017, has over 350 paying customers and is growing by over 20 percent month-on-month.

Jibble’s valuation in this round was over US$10 million, according to [co-founder and LaunchPad CEO Asim] Qureshi, making it the second venture emerging from LaunchPad, which itself is less than three years old, to achieve [this] valuation.

Source: Jibble

The Malaysia-based startup has customers in more than 50 countries, mostly concentrated in the US, India, and Europe.

Jibble co-founder and CEO Fawad Akram said that the startup’s long-term plan is to build on its current “time and attendance” offering to become a holistic workforce management solution.

Qureshi said the latest funding will be used to hire more talent in software development, sales, and marketing. He added that Jibble is expected to hit US$1 million in annual recurring revenue two years from its launch date.

The startup is targeting its next funding round for early-to-mid 2019.