Singapore-based Tech In Asia is raising as much as US$6 million in its new funding round, after it has failed to scout a right match to sell the company.
The development comes in midst of a restructuring at Tech In Asia which saw a layoff of around five employees (mostly editorial) at its Indian unit, along with the cancellation of scheduled conferences.
While it did lose headcount in India, Tech In Asia is still hiring for 14 positions across Southeast Asia – including editorial roles in Singapore and Indonesia – where its event businesses are both more established and more lucrative.
In total, the company has close to 100 employees, most of whom are based across Southeast Asia, in their Singapore, Jakarta, and Bangalore offices. While its reporters are spread across a range of countries including Japan, China, Singapore, India, the Philippines, and Indonesia.
Like most media companies including TechCrunch and e27, events are a substantial source of Tech In Asia. But the media startup has also explored other options. Having created a data and analytics business known as TechList.
TechList has since been integrated into Tech In Asia itself, where it showcases data and offers analytics for paying subscribers. But somewhere along the way, the analytics tool has shifted its focus onto recruitment instead.
Using its authority as a media site covering Asia-related tech news, the company converts itself into a go-to platform which connects job seekers and employers. The site launched its recruitment businesses in May 2016, claiming to have big name employers like Facebook, Uber, and Garena.
Tech In Asia was founded in 2011 as a news portal with a focus on tech startups in Southeast Asia. The startup has received multiple rounds of funding since then, with a list of backer includes Facebook Co-founder and Singapore resident Eduardo Saverin, Walden International, and Marvelstone among some.
Tech In Asia also graduated from the Winter 2015 batch of Y Combinator’s highly acclaimed accelerator program. The startup’s main competitors in the regional media landscape include e27 and DealstreetAsia.
By Vivian Foo, VCNewsNetwork