Recruitment platform Glints raises $6.8m as revenue grows 6 times

Glints, a job solutions startup focused on young talents in Southeast Asia, has raised US$6.8 million in a series B funding led by regional venture capital firm Monk’s Hill Ventures, Tech in Asia has confirmed.

The company’s quarterly revenue increased six times year-on-year between 2018 and 2019 – growth that has convinced investors to jump on board. Meanwhile, its web traffic jumped by almost four times within a year, hitting an estimated 1.2 million visits in June, according to SimilarWeb.

Photo credit: Glints

Returning investors include VCs Wavemaker Partners and Fresco Capital as well as angel investors like 99.co founder Darius Cheung and John Tan.

The new backers include a trio from Zopim (a Singapore startup acquired by Zendesk): Royston Tay, Jeremy Seow, and Kwok Yang Bin. Another fresh investor is Hong Kong-headquartered fund MindWorks.

The latest investment values Glints at around US$15.2 million, according to Tech in Asia’s estimates derived from the startup’s public filings. The round was oversubscribed and had an initial target of US$5 million, co-founder and CEO Oswald Yeo tells us.

This investment, however, came with one wrinkle. One of Glints’ first backers, Indonesia-focused firm East Ventures, has completely sold its stake, the filings show. (Disclosure: The fund is an investor in Tech in Asia.)

The prominent VC’s exit stands out since the startup has attracted new and existing investors on the strength of its growth numbers. Investors tend to hold on to at least some of their shares, especially if they believe the company has upside.

“The new investor and founders share different core values from what we believe, so it was best that we divested,” explains Willson Cuaca, managing partner of East Ventures.

Another early backer, angel investor Edwin Kong, also recently divested his shares, but he says he’s glad to still be involved. “Making substantial realized returns in our investment made the journey even better. I remain partially invested in Glints and believe that they will continue to grow well and be successful,” he adds.

A key attraction of the startup is how it’s gunning to be a complete solution for companies in need of young talent.

Glints went through a number of tweaks before finding its sweet spot, Yeo tells Tech in Asia. It tried different revenue models, including paid job postings, employer branding, and “white label” solutions – i.e., helping employers build their own job application pages.

Photo credit: Glints