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Start-up Swit Raises $6 Million in Seed Funding
Swit, a team collaboration suite that combines team communication and high-performance task management, has raised $6 million in additional seed funding to support its rapid growth in the team collaboration app market.
Korea Investment Partners, joined by Hyundai Venture Investment Corporation and Mirae Asset Venture Investment, led this round of seed funding.
Founded in 2017, Swit’s total seed funding now reaches $7 million, with Kakao Ventures investing $1 million last year.
Swit released its apps in March 2019 and currently registers 450 companies.
Source: Info-Tech Research Group, Vendor Landscape: Collaboration Platforms
Our Take
The team collaboration market is valued at $45 billion, featuring giants such as Slack and Microsoft Teams. Yet there is no one singular collaboration app, and 91% of businesses use at least two messaging apps.
Swit’s unique selling point, then, is to offer a complete team collaboration hub that integrates messaging with productivity tools. Unifying communications in this way streamlines businesses by removing redundant and overlapping services.
However, be wary of Swit’s potential. Following the release of Microsoft Teams (the same year as Swit’s founding), businesses may opt to stick with Office 365. Given most businesses purchase an Office 365 license to access Word, Excel, and other features, Teams is already available to many and, furthermore, can be integrated with Planner. There is no exceptional incentive for businesses to switch Office 365 (a well-used unified communications service) for Swit.
Source: SoftwareReviews, Report Published July 2019