SINGAPORE, NETRALNEWS.COM - Glints, the first-of-its-kind full-stack tech-enabled recruitment and career development platform based in Southeast Asia, has raised US$6.8 million in an oversubscribed Series B funding round led by Monk’s Hill Ventures.
Other investors include Hong Kong-based MindWorks Ventures and existing investors Fresco Capital and Wavemaker Partners.
Oswald Yeo, CEO and Co-Founder of Glints said, “We believe we have found the right growth model to solve the challenge of finding the best talent that is targeted, cost and time efficient for both clients and candidates. Employers have a tough time finding the right candidates on job portals and waste much time filtering through irrelevant applications.
Traditional headhunters, while more effective, are too expensive for many employers, especially when they are hiring for junior to mid-level positions, which is especially common in Southeast Asia given its young workforce, said Yeo.”
The Series B funding builds on a strong year of 6 times revenue growth for Glints. The investment will be used to expand into Vietnam and Hong Kong markets, in addition to growing its product and engineering teams.
Glints takes a full-stack tech-enabled approach to recruitment that combines the skills of experienced recruiters with the efficiency of technology, by automating certain recruitment processes such as candidate sourcing, matching and follow-ups. Unlike the traditional portal model, companies do not have to pay any fees until they have found a successful hire.
Peng T. Ong, Managing Partner of Monk’s Hill Ventures said, “Employers are struggling to fill their vacancies with a shortage of skilled talent worldwide, and it is no exception in Southeast Asia. Glints has thought through the entire journey of someone who is looking for work or talent and has developed an end-to-end tech solution that meets the needs of both candidates and companies in Asia. The traction and strong growth we've seen is very exciting, which is why we decided to partner with Glints and lead the investment of their Series B round."
Clients today include Go-Jek, FWD Insurance and UOB Bank. Typically, clients on average make successful hires much faster in 28 days compared to industry standards of 40-50 days - and at recruitment costs 40%-100% cheaper with Glints than with traditional recruiters.
With an acute shortage of skilled talent in certain verticals such as IT roles, Glints also takes an end-to-end approach for potential candidates that goes beyond just sourcing profiles to actually developing candidate supply through training programs such as Glints Academy. The Academy is a coding bootcamp that trains young talent in Indonesia to become developers. They will also be able to match strong graduates with one of our employers for a good job opportunity.
Paul Santos, Managing Partner of Wavemaker Ventures said, “Southeast Asia has a large and fast growing young workforce. Glints helps these young jobseekers find their best match. The median age in Southeast Asia is below 30 and the opportunity for career development and recruitment personalization for young jobseekers is huge. We’re excited to be part of their journey.“