The leading job portal in Malaysia for millennials, WOBB, has recently announced a successful pre-Series A funding of US$1.3 million (RM5.4 million) from CAC Capital Investment Limited Partnership (CAC Capital), Accord Ventures Inc (Accord Ventures) and Actcelerate International Group Ltd (AIG).
The funding round was arranged by Cradle Fund Sdn Bhd which provided operational and legal help in facilitating the investment.
The funds raised will be used to accelerate growth and capture market share, with the company’s immediate goal being to dominate Gen Y hiring in Asia. It is currently operating in Malaysia with an online presence in Manila, supported from Malaysia, with a Manila sales office to be established in the next 6 to 9 months. An Indonesia presence is likely in late 2020.
To date, over 1.3 million job applications have been made through the platform since its launch in 2014.
WOBB first raised funds in 2015 from angel investors coupled with two grants from Cradle in 2015 and 2017. Founder and CEO Derek Toh tells DNA that his angel investors are still on board while WOBB hasn’t repaid Cradle as it is not profitable yet.
“We are excited to continue to help our young talent build a strong foundation for life by first landing them the right job,” said Toh. “Our vision is to be the largest youth platform in Asia, and successfully raising this round is an amazing endorsement and validation for us as we take another big step towards this vision.”
With the latest investors (CAC, Accord Ventures and AIG) being funds from Japan and Australia, Toh adds, “We are proud to have successfully attracted foreign direct investment (FDI) into Malaysia.”
Takuya Maeda, President and CEO of CAC Capital, laudes WOBB’s initiative to change the way employers and jobseekers connect. “WOBB provides a means for companies to communicate their value… in a new perspective to Generation Y”. Takuya further commends the team at WOBB for their passion, reliability and sophisticated management skills, which he believes is key towards their track record of steadily producing results. In regards to WOBB’s plans for future expansion, Takuya is confident that it will continue to gain traction and recognition in Southeast Asia.
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