SG blue-collar jobs platform secures $7.5m series A

FastCo, a Singapore-based jobs platform, has raised S$10.5 million (around US$7.5 million) in a series A funding round.

FastCo founder Julian Tan (second from left) with his team / Photo credit: FastCo

The firm operates two platforms: FastJobs, which focuses on lower-income jobs, and FastGig, which serves gig workers.

FastCo was established in April 2015 by Julian Tan, who founded and grew several startups under Singapore Press Holdings (SPH). These include classified ads platform 701Search and automotive portal SgCarMart.

The jobs platform currently operates in Singapore, Malaysia, and the Philippines, boasting more than 500,000 monthly active users. There are over 20,000 jobs on FastCo’s platform posted by companies from industries such as retail, F&B, and logistics.

In a statement, FastCo said that its operation in Singapore has yielded “a positive cash flow.” The whole company is also on track to break even in two years.

“The strong growth in FastCo’s net revenue over the last year reflects the size of the market and the relevance of its products in the current labour environment,” said Cento Ventures partner Ali Fancy.

See also: This SPH veteran spun off his jobs platform to catch a big wave

FastCo’s initial series A round was done in December last year. At that time, Cento Ventures participated in the founder- and management-led buyout of FastCo from SPH by pouring in S$5.8 million (US$4.1 million).

The jobs platform then closed an extended series A round worth S$4.7 million (US$3.4 million), which was led by OSK Ventures and joined by Cento Ventures and Kairous Capital.

FastCo plans to use the fresh funding for marketing, sales, and product development purposes. Tan, who also serves as the company’s CEO, said that OSK Ventures and Kairous Capital will become its strategic partners for its expansion in Malaysia.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.4.