Teachers’ Venture Growth Invests Further in HR Tech Firm Darwinbox

HR technology firm Darwinbox has secured additional investment from Teachers’ Venture Growth (TVG), the late-stage investment arm of the Ontario Teachers’ Pension Plan. The specifics of the transaction, which exclusively involved the sale of existing shares, were not disclosed.

TVG previously backed Darwinbox in August 2025, leading a $40 million funding round. That investment, a mix of primary and secondary capital, aimed to support the company's international expansion, particularly in North America, and its AI capabilities.

Founded in 2015, Darwinbox offers a cloud-based Human Capital Management (HCM) platform covering core HR, payroll, recruitment, performance management, and employee engagement. The platform is utilized by over 1,400 organizations with more than 4.5 million employees globally, with key markets including the US, India, the Middle East, and Southeast Asia. The company reports a compound annual growth rate (CAGR) of 70% over the past five years.

The startup has also focused on AI development with the launch of Darwinbox Cortex, an AI-native HCM platform. Cortex is designed to embed intelligence directly into the core platform, distinguishing it from conventional systems that add AI features later. Technology partners such as Microsoft and Slack are involved in Cortex's development, with pilot customers including Fortune 1000 companies.

Prior to this latest investment from TVG, Darwinbox had raised approximately $300 million in total funding. The company achieved unicorn status in 2022 after a $72 million Series D round. Its investor base includes firms like Peak XV Partners, Lightspeed, Microsoft, and Salesforce Ventures.