Glints, the jobs platform focussed on young professionals, announced today it has inked a strategic investment from HRnetGroup Limited, a more traditional recruitment company based in Singapore.
The S$500,000 (US$378,000) investment brings the Glints war-chest to over S$4 million (US$3 million). In September 2016, the company raised a US$2 million Series A after its US$475,000 seed round in 2015.
HRnetGroup raised S$175 million (US$132 million) in a June, 2017 IPO on the Singapore Exchange Limited. The investment in Glints was the first such partnership with a tech startup by the more traditional recruitment firm.
“With their network and operational expertise across 10 Asian cities, they can help Glints grow into a major player in the
graduate and young professionals recruitment space in the region,” says Glints CEO Oswald Yeo in a statement.
The company claims to have 300,000 users across Singapore and Indonesia and 10,000 companies looking for hires.
For Glints, the investment is a positive story after a turbulent autumn after their Co-founder Qin En Looi left the company.
As for HRnetGroup, the firm cited two main justifications for the investment. First, it helps grow their network in Indonesia — a large consumer base with 2 million new job seekers entering the market every year.
Second, the company said it will help them “stay ahead of the curve” in the recruitment industry.
“The outreach that Glints has with this fast-growing segment, together with its significant brand value, complements HRnetGroup’s focus on dominance across the HR spectrum,” said Adeline Sim the Executive Director & Chief Legal Officer of HRnetGroup in a statement.
HRnetGroup was founded in 1992.