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.

Glints had about 320,000 monthly visits last month, according to SimilarWeb, up 50 percent from four months ago.

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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