Singapore-based recruitment platform Glints raises $50 mln
Online job matching platform Glints, which operates in Indonesia, Vietnam, Singapore, Malaysia and Taiwan, has raised $50 million for expansion, the firm said Tuesday.
The Singapore-based startup said the Series D funding round was co-led by DCM Ventures, Lavender Hill Capital, and returning investor PERSOL Holdings. This has taken the total capital raised by Glints so far to $80 million.
Lavender Hill Capital founding partner Xiaoyin Zhang and DCM Ventures general partner Ramon Zeng will join Glints’s board as part of the investment, the firm added.
Set up in 2013 by Oswald Yeo and others, the company entered Vietnam in 2019. Among its current five markets, Indonesia and Vietnam continue to be profitable.
Glints data shows that its platform currently has three million professionals in the five markets, and 50,000 companies that are seeking employees, including AIA, IKEA, GetGo, KKday and Gameloft.
The latest funding will be used to serve employer demands and hiring for its product and technical teams, as well as expand Glints’s workforce supply base in the Philippines.
According to Yeo, also CEO of Glints, the firm is focusing on the Philippines because of the country’s large and fast-growing international workforce.
In performance, the startup claims its annual revenue and gross profits have grown 2.5-fold year-over-year on average. One of the growth drivers is the increasing demand for remote workers. The company says remote cross-border job postings have increased more than threefold year-over-year, and the Vietnamese and Indonesian markets are turning a profit.
Glints’s remote, cross-border job posts have expanded more than 11-fold over the last two years due to the Covid-19 pandemic.
Glints said in a post on its Singapore website last July that Vietnam’s tech talent was the most sought after in Southeast Asia.
“The growth of Web 3.0, which refers to the development of decentralized applications with blockchain technology, has been immense in the past five years. The Vietnamese government is keen on grasping the opportunity to establish itself as a regional leader in this space, pushing out a host of initiatives designed to support blockchain-based startups.”
Vietnam ranked first out of 154 nations in the 2021 Global Cryptocurrency Adoption Index (above the U.S., China, and other European powerhouses), the post said, indicating the people were tech-savvy. A multitude of local universities have also started offering courses that specialize in blockchain development.
“Considering the accessible nature of open-source codes for budding developers to experiment with, Vietnam’s vibrant community of capable blockchain enthusiasts will only continue to grow,” Glints wrote.
Vietnam’s benchmark VN-Index dropped 17.55 points Thursday to 1,126.07, despite newly-released data showing the country’s nine-month GDP growth hitting 8.83%, a record high in 12 years.
Finance - Thu, September 29, 2022 | 5:18 pm GTM+7
Hoa Phat Group has begun production at its new home appliance factory worth VND1,000 billion ($42 million) in Ha Nam province.
Industries - Thu, September 29, 2022 | 4:28 pm GTM+7
The U.S., EU, China and South Korea imported nearly $27 billion worth of phones and components from Vietnam in the first eight months of the year, according to the Ministry of Industry and Trade.
Economy - Thu, September 29, 2022 | 4:06 pm GTM+7
The northern port city of Hai Phong seeks to build 15 more industrial parks totaling 6,200 hectares to attract $15 billion in foreign direct investment in 2020-2025.
Industries - Thu, September 29, 2022 | 3:13 pm GTM+7
Vietnamese tech giant Viettel has selected Taiwanese 5G solutions supplier UfiSpace to jointly deploy disaggregated cell site gateways for Viettel’s massive 5G rollout in Vietnam.
Industries - Thu, September 29, 2022 | 2:27 pm GTM+7
The Ministry of Industry and Trade has proposed that the government includes five coal-fired thermal power projects in the national power development plan VIII.
Energy - Thu, September 29, 2022 | 1:16 pm GTM+7
Vietnam’s economic growth of 8.83% year-on-year in the first nine months is the highest recorded in 12 years.
Economy - Thu, September 29, 2022 | 12:19 pm GTM+7
Vietnam is an increasingly attractive and important investment destination for U.S. firms, and one of the five most significant locations for Warburg Pincus, its CEO Charles Kaye said Wednesday.
Industries - Thu, September 29, 2022 | 11:05 am GTM+7
Japan's Tokyo Gas and Kyuden Group have inked a memorandum of understanding with Truong Thanh Vietnam JSC on jointly developing an LNG-to-power project with a phase-one capacity of 1,500 megawatts in northern Vietnam.
Energy - Thu, September 29, 2022 | 6:30 am GTM+7
Vietnam’s benchmark VN-Index dropped 22.92 points Wednesday, or 1.96%, to 19-month low of 1,143.62 points, due to broad selloffs of major stocks.
Finance - Wed, September 28, 2022 | 6:05 pm GTM+7
Deputy Foreign Minister To Anh Dung and Nguyen Quang Linh, assistant to Standing Deputy Prime Minister Pham Binh Minh, were fired Wednesday for violations related to repatriation of Vietnamese citizens during the pandemic crisis.
Politics - Wed, September 28, 2022 | 5:21 pm GTM+7