- Singapore professional platform for young people Glints raises US$475K
- Round was led by East Ventures
- Initially aiming for US$400K, the team turned away about US$250K
- Capital will be used to grow engineering team and marketing
Glints today announced raising US$475,000 in an oversubscribed seed round. The 21-year-old founders are the youngest graduates of JFDI accelerator in Singapore.
Glints is an online platform that wants to bridge the gap between education and employment for young people focussed on career discovery and development.
“We were initially aiming for US$400,000… We turned away about US$250,000. We didn’t want to raise so much money right now,” Oswald Yeo, Co-founder, Glints told e27.
“Definitely there was a lot of societal and family pressure, but eventually we decided that this is a really good opportunity for us and we want to solve a huge global problem that we’re really passionate about,” he added.
The round saw participation from 500 Startups, SPH Media Fund, Singapore Infocomm Investments (IIPL), 8 Capita, Pix Vine Capital, and other private investors including John Tan and Darius Cheung.
It is the first time that IIPL has invested in a seed-stage startup.
The three co-founders left computer science degrees at Ivy League universities in the US after just one semester to pursue the startup. Investor interest was so high that some had to be turned away.
“There were a lot of questions asked [from parents] about why we’re doing this, because it was pretty good schools we were giving up… This was even after we had raised the money,” Yeo said.
“I guess this is a very traditional Asian mentality, as opposed to our friends and professors in the US universities who were very supportive and happy for us,” he added.
Glints says that it offers employers an ‘innovative recruiting tool’ to hire talent easily and quickly, and that they pay only after relevant candidates have been matched.
Yeo and his co-founders Seah Ying Cong and Looi Qin En may be the youngest entrepreneurs in the region to raise VC funding.
Existing customers include big brands such as EasyTaxi, Redmart, Adidas and Puma. At present, it has attracted 600 companies and 7,000 students to the Beta.
Oswald said the the entrepreneurial culture of the West Coast US opened up their minds to the possibilities. He also thanks JFDI for helping them get ‘so far, so soon’.
His advice to peers: Start early, don’t wait.
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