Darwinbox Secures $40M from TVG for AI HR Tech Expansion

Darwinbox, an AI-powered human capital management (HCM) platform, secured $40 million in investment. Teachers’ Venture Growth (TVG), the late-stage venture arm of Ontario Teachers’ Pension Plan, led the round. This funding will accelerate Darwinbox’s North American expansion and AI innovation.

Fueling Global HR Technology Innovation

The new capital fuels Darwinbox’s mission to redefine enterprise HR with AI-first innovation. The company has grown threefold year-on-year in North America. Darwinbox powers HR technology for over 1,000 enterprises and 4 million employees across 130 countries, including global brands like Nivea and Starbucks.

Darwinbox continues investing in agentic Artificial Intelligence innovation. It became the first Human Capital Management platform to support the Model Context Protocol (MCP). This investment follows a $140 million round in March 2025, led by Partners Group and KKR. TVG joins existing investors such as Microsoft and Salesforce.

The platform receives recognition from Gartner and Forrester for its functional breadth and user experience. Darwinbox is the youngest HCM suite on Gartner’s Magic Quadrant for Cloud HCM Suites. Unlike legacy providers such as Workday or SAP SuccessFactors, Darwinbox offers a modern cloud-based software alternative. The company expands its global footprint across the US, Southeast Asia, and MENA.

Avendus Capital advised Darwinbox on this transaction.