Tech-enabled recruiting and career development platform based out of Singapore, Glints, has announced a successful Series B funding round of US$6.8 million (~HK$53.3 million).
Led by Southeast Asia venture capital firm Monk’s Hill Ventures, it has plans to expand to the Hong Kong market.
Investors participating in this round included MindWorks Ventures (an early investor of Hong Kong’s Lalamove), and returning investors Fresco Capital and Wavemaker Partners.
Glints stated that the success of its Series B funding was built on a strong year with revenue growth increasing six times over. This latest investment will be used to grow the company’s product and engineering teams and expand into both Hong Kong’s and Vietnam’s markets to provide recruitment solutions for clients and job candidates.
“We decided to enter the Hong Kong market after addressing the challenge of extremely high local recruitment cost, while the average salary of Southeast Asia talents is three to five times lower than Hong Kong,” said Oswald Yeo, CEO and co-founder of Glints.
Glints recognised that many Hong Kong companies find it tough to manage the costly and lengthy traditional headhunting and recruitment process. The industry average time-to-fill is 40 – 50 days, with fees set at 20-30% of a candidate’s annual salary. This weight is especially felt in the hiring of junior to mid-level technology-related positions.
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