Southeast Asian career and recruitment platform Glints has bagged $50 million in an oversubscribed Series D round co-led by DCM Ventures, Lavender Hill Capital and existing investor PERSOL Holdings, the firm said on Tuesday.
Endeavor Catalyst, as well as returning investors Monk’s Hill Ventures, Fresco Capital and Flipkart co-founder Binny Bansal, participated in the round.
Glints will use the fresh funding to expand its talent supply base in the Philippines, employer demand base globally, its product basket as well as tech teams. The company said its annual revenue and gross profit grew 2.5 times year on year, continuing with the trend of annual revenues growing at triple-digit percentages riding on its strong ecosystem including recruitment, managed talent, job search, expert class and community segments.
“Our mission at Glints is to empower the 120 million professionals in Southeast Asia to realise their human potential,” Glints co-founder and CEO Oswald Yeo said in a statement. “Our world-class team of local Glintstars and investors and advisors who share this vision have been key to driving our sustainable growth at scale,” he added.
The platform’s cross-border remote work business continues to double. Remote cross-border job opportunities on Glints’ platform have grown more than 11-fold over the past two years as more employers look for remote talent outside their home markets. The company also claimed to see positive contributions across all business units, with the Indonesia and Vietnam markets continuing to be profitable.
Glints said its team and tech-enabled business models make the recruiting process twice as efficient and at least 40% more cost-efficient than traditional recruiters.
“Today’s professionals are becoming more open to remote working and employers searching for the right talent at the right cost have become flexible in where they find the talent,” said Xiaoyin Zhang, founding partner at Lavender Hill Capital.
As part of the investment, Zhang, along with DCM Ventures general partner Ramon Zeng, joins the Glints’ board.
Career and job hunting platforms are in demand, especially at a time remote working has become the norm. In June, Indonesia-based jobs platform KitaLulus secured $8.15 million in a Series A funding round led by Tiger Global Management while another startup, Atma, bagged a $5-million funding in a pre-seed round led by AC Ventures in May.