Major Singapore HR firm makes first startup investment

Photo credit: Glints

Another corporation is joining the startup game. HRnetGroup, a publicly-listed Singaporean recruitment firm with US$276 million in revenue in 2016, has made its first investment in a technology startup. The investee is Glints, a recruitment service focusing on young professionals and graduates.

“The deal also gives HRnetGroup deeper access into the fast-growing Indonesian market which sees over 2 million young Indonesians entering the workforce every year, the press release says. Two-thirds of its 300,000 registered users are based in Indonesia.

This funding appears to be strategic in nature. Glints has raised US$2.5 million in publicly known funding so far. The startup announced that this latest cash injection brings its stockpile to over US$3 million, which values the latest round at around US$500,000.

Glints last raised US$2 million in series A funding. The founders have all deferred university education to focus on the company, though its COO Looi Qin En has left.

Converted from Singapore dollars. US$1 = S$1.32.

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from Tech in Asia https://www.techinasia.com/major-singapore-hr-firm-startup-investment
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