Japan HR startup nets close to $1m from Shariah-compliant private equity fund

Tokyo-based talent recruitment platform Grooves has received US$920,000 in investment from PNB-Inspire Ethical Fund (PIEF).

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PIEF is a Shariah-compliant private equity fund in Japan that facilitates the expansion of the country’s small and medium-sized enterprises into Southeast Asia. The fund’s size is 5.15 billion yen (US$47 million).

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Grooves will use the funding to connect Southeast Asians to job opportunities in Japan. It starts with Malaysia, where the company had set up its regional headquarters. “We saw potential in Malaysia’s talent pool. We are also confident that it would be a good starting point to penetrate the region,” said Grooves CEO Yukihiro Ikemi.

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Grooves has yet to commence recruitment services in the country.

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Currency converted from Japanese yen. Rate: US$1 = 109.51 JPY