Employers face a lot of problems finding suitable workers for the 650,000 companies in Bangladesh. As a result, productivity is reduced by up to 30% due to the mismatch between the skills of the employees hired and the expectations. On the contrary, 7 crore people of the country are struggling for a job every day. Some of them are not getting jobs and are depending on various brokers or agents. Some are going through unemployment.
In such a situation, Dhaka-based startup ‘Shomvob’ has received a pre-seed investment of one million dollars to create employment opportunities in the country and match-making between job seekers and employers through the app. Singapore-based venture capital firm Cocoon Capital has invested in this round. After a year of inception, this newly funded tech startup ‘Shomvob’ launched in May 2022.
The startup also earlier received a grant from the US-based Bill & Melinda Gates Foundation to create job opportunities for the country’s low-income female population. However, the new investment is said to go towards increasing the employability of job seekers and providing quality education, skills training and employment opportunities to youth from disadvantaged and marginalized communities.
Rifad Hossain, Founder and CEO of ‘Shomvob’ said, “We are grateful for the support from Cocoon Capital and Gates Foundation as we strive to make Bangladesh’s employment landscape more efficient. This investment will help us build the technological infrastructure to help the people of the country find suitable jobs”.
“We are delighted to make our first investment in Bangladesh with Shomvob, a company whose vision and exceptional team have deeply impressed us. ‘Shomvob’ is not only addressing significant employment challenges; It is achieving equitable employment opportunities and inclusive growth. We believe this partnership marks an important step towards creating lasting social impact in the region and we are eager to support their team”, added Zhong Shi Xia, Investment Director of Cocoon Capital.
‘Shomvob’, started by three friends Rifad Hossain, Naqib Muhammad Fayyaz and Hasibur Rahman, has attracted more than 1,000 employers, 6 lakh job seekers and successfully placed 12,000 candidates across retail, logistics and IT sectors since its official launch. Claimed to have done.
The organization said it is also working with UNICEF’s Generation Unlimited (Passport to Earning) to provide transparent, real-time updates on the progress of applications through the algorithm-enhanced candidate application tracking system of the ‘Shomvob’ app. For companies, ‘Possibility’ simplifies their recruitment process, reducing compliance time and costs.
