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Glints raises $22.5 million to expand platform, solve regional talent crunch
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(Glints)
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lints, Southeast Asia’s largest career development and recruitment platform, raised $22.5 million in an oversubscribed funding round led by Tokyo-listed PERSOL Holdings.
To date, the move is the largest investment round into a career platform in Southeast Asia.
The new funding is expected to support Glints’ overall mission to empower the career development of 120 million professionals in Southeast Asia and to solve the regional talent crunch.
New developments will include building more features and solutions on the Glints’ Talent Ecosystem; deepening the company’s footprint in Singapore, Indonesia, Vietnam and Taiwan; and scaling up its product and engineering teams.
Oswald Yeo, Co-founder & CEO of Glints, said the company’s mission to empower the 120 million professionals in Southeast Asia was more important than ever, as the pandemic accelerated the future of work and caused major changes in the labor market.
"Existing solutions are transactional job portals and traditional recruiters that only provide part of the solution. We are scaling Glints as a full-stack talent platform to support professionals in Southeast Asia with their career discovery and development and to solve the regional talent crunch for employers,” he said.
To that end, Glints’ Talent Ecosystem provides a glimpse into the future of work and talent in Southeast Asia. The first-of-its-kind, full-stack talent platform supports professionals over their entire career in discovery and development, combining community (Glints Community), skills education (Glints Academy and Glints ExpertClass) and job features (Glints Job Marketplace).
For employers, Glints provides a tech-enabled recruitment solution called TalentHunt that is claimed to be twice as efficient as traditional recruiters. On average, Glints’ clients make successful hires in 28 days, compared to industry standard of 40 to 50 days and with recruitment costs being 40 to 100 percent cheaper than with traditional recruiters.
Clients served by Glints include Gojek, Tokopedia, FWD Insurance, Starbucks and Mediacorp.
The Series C round includes participation from existing investors, including Monk’s Hill Ventures, Fresco Capital, Mindworks Ventures, Wavemaker Partners and other investors, including Binny Bansal (co-founder of Flipkart) and Xiaoyin Zhang (Ex-Goldman Sachs TMT China Head & Partner who brought Tencent, Baidu and Alibaba public).
Takayuki Yamazaki, CEO of PERSOL Asia Pacific, has welcomed the company’s stronger partnership with Glints.
"With PERSOL Group’s commercial distribution and experience in Asia and Glints’ leading tech-enabled talent platform, we will empower professionals in Southeast Asia and help solve the talent crunch in Southeast Asia.”
Peng T. Ong, Managing Partner of Monk’s Hill Ventures praised Yeo and the Glints team's venture, saying that they had "fundamentally reimagined a job seeker and employer’s journey in the context of the future of work".
"The speed at which they’ve achieved sustainable revenue with solid business fundamentals and the scale at which they have built a substantial talent and employer base is astounding.”
Despite COVID-19 causing a widespread economic downturn, Glints has seen resilient growth in 2020, with annual revenue more than doubling. This continues the trend of Glints' annual revenue growing at triple-digit percentages annually for the past three years. The company has also seen positive contribution margins across all business units, with the Indonesian and Vietnamese markets already profitable.
With the widespread rise of remote work, Glints has also seen a surge in demand for its cross-border talent solution called TalentHub, with business doubling in 2020.
Founded in 2013 in Singapore, Glints has empowered more than 1.5 million professionals and 30,000 organizations to realize their human potential. Approximately 4 million users visit the platform each month, with around 7,000 active job listings available every month.
