JobHop, a matchmaking platform for recruitment purposes, today announced that it has raised a US$710,000 seed funding round from Singapore-based venture capital firm KK Fund and Japanese recruitment company Mynavi Corporation.
Angel investors such as Thu Huong Duong (Forbes Vietnam CEO), Matt Crakes (Canaan Valley Capital Partner), Thomas Hornbeck (Gotit co-founder), and executives from iCare Benefits, PWC Vietnam, and HSC also participated in the funding round.
JobHop plans to use the funding for talent acquisition and product development.
Inspired by the success of US-based Ziprecruiter, the startup aims to tackle the critical timing and fit problems in hiring for both recruiters and job-seekers by using data science and blockchain.
In the status quo, job-seekers tend to spend a lot of time posting their resume on various recruitment platform, while recruiters also source a great number of candidates from various platforms.
JobHop aims to save time by presenting only the most suitable candidates to recruiters.
“Similar to dating, JobHop takes care of everything that needs to happen before the date to make sure both parties focus more in the personal engagement,” said JobHop Founder/CEO Kevin Tung Nguyen in a press statement.
“Our name JobHợp (‘suitable job’) speaks to the main idea behind our business. We don’t help you apply just a job, but one that suits you the most, and we’ll do so in the shortest amount of time,” he added.
Founded in 2016, the company has served over 500,000 job-seekers and 2,000 companies from small businesses to big enterprises in Vietnam.
In an email interview with e27, Nguyen explained the four reasons why the company chose to begin by focussing on Vietnam: Low cost of customer acquisition, lack of barrier of entry, and existing partnerships with bank, media company, and conglomerate group.
After Vietnam, the company is aiming for Thailand and the Philippines, beside Laos and Cambodia.
“One of the reasons for these markets is my insight updates from the iCarebenefits local executives. Prior to JobHop, I worked closely with iCarebenefits co-founders on coaching new executives hires to apply Vietnam’s model to other markets,” Nguyen wrote.
For 2019, JobHop’s major plans are to hit its growth target of over US$3 million in annual recurring revenue (ARR), close its Series A funding round, and launch its service in Thailand and the Philippines.
“I certainly aim for JobHop to be the key player as the number one omni-channel Ziprecruiter of Vietnam,” he closed.
Image Credit: JobHop