13/2/12018 – HRnetGroup Limited, a publicly-listed traditional recruitment company based in Singapore has made its first investment in a technology startup Glints, a job platform that is focused on young professionals and graduates.
The investment is worth S$500 000, in which Glints will use to grow its networks of professionals across Asia. This also brings Glints total funding to over S$4 million, which translates to about US$3 million.
Founded in August 2013, Glints is a job platform that focuses on young professionals and this strategic investment will help HRnetGroup, a more traditional recruitment company to stay ahead in the industry.
Specifically, HRnetGroup said the deal will give the company a deeper access to the fast-growing Indonesian market which sees over 2 million young Indonesians entering the workforce annually.
Glints claims to have 300,000 users across Singapore and Indonesia, with two-thirds of its registered users based in Indonesia. Meanwhile, the startup also has 10,000 registered companies looking for hire.
“The outreach that Glints has with this fast-growing segment, together with its signature brand value, complements HRnetGroup’s focus on dominance across the HR spectrum,” said the Executive Director & Chief Legal Officer of HRnetGroup, Adeline Sim.
HRnetGroup raised S$175 million (about US$132 million) in June 2017 via its IPO on the Singapore Exchange Board. In 2016, the company raised US$276 in revenue.
Commenting on the deal, Glints CEO Oswald Yeo said, “With their network and operational expertise across 10 Asian cities, they can help Glints grow into a major player among the graduate and young professionals recruitment space in the region.”
This news is published on Reuters.