Singapore, 30 August 2022 – Glints, the most trusted and active end-to-end regional talent ecosystem in Southeast Asia for career development and recruitment, raised US$50 million in a Series D oversubscribed round co-led by DCM Ventures, Lavender Hill Capital, and returning investor PERSOL Holdings.
“Our mission at Glints is to empower the 120 million professionals in Southeast Asia to realize their human potential. We also believe that one’s career is a journey and an entire talent ecosystem needs to be built to support these talented professionals for their lifelong career development, not just once-off job matching.”
As we scale and recognize that the future of work continues to evolve, one thing remains unchanged: every individual has the opportunity to realize their potential with the right opportunities and resources. 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,” said Oswald Yeo, CEO and Cofounder of Glints.
The funding will be used for expanding its talent supply base into the Philippines, employer demand base globally, expanding Glints’ product, and technology teams, with a focus on broadening opportunities and resources to support professional growth for talent.
Glints’ annual revenue and gross profits grew 2.5x y-o-y, continuing the trend of annual revenues growing at triple-digit percentages off the back of growth of its ecosystem including Recruitment, Managed Talent, JobSearch, ExpertClass and Community segments.
Glints’ cross-border remote work business also continues to double, as employers shift to a more borderless mindset and employers globally are increasingly interested in hiring Southeast Asia talent. In fact, remote cross-border job opportunities on the Glints’ platform have grown more than 11x over the past two years, where employers are seeking remote talent in markets outside where their company operates. The company also sees positive contribution margins across all business units, with Indonesia and Vietnam markets continuing to be profitable.
“Remote cross-border job opportunities on the Glints’ platform have grown more than 11x over the past two years, where employers are seeking remote talent in markets outside where their company operates.”
To date and with a talent-first approach, Glints’ regional talent ecosystem has grown to over three million professionals in five markets (Indonesia, Singapore, Vietnam, Malaysia, and Taiwan). Glints is trusted by over 50,000 global and regional startups and enterprise clients including AIA, IKEA, GetGo, KKday, and Gameloft.
“The Glints’ team is one of the most prominent talent resources in the region that has a proven track record in serving our company’s needs well. We have certainly benefited from their services, especially in achieving time and cost savings,” said Gunawan Chiu, Chief Technology Officer of AIA Singapore.
In addition, Glints’ on-the-ground teams and tech-enabled business model that helps global employers recruit, onboard and manage talent anywhere in Southeast Asia has enabled 2x more efficiency (by fill-rate) in recruiting the right talent for employers and at least 40% more cost-efficient than traditional recruiters.
As part of the investment, Xiaoyin Zhang, Founding Partner of Lavender Hill Capital and former Goldman Sachs TMT China Head known for taking Tencent, Alibaba and Baidu public, and Ramon Zeng, General Partner of DCM Ventures, joins the board.
“We are excited to partner with Glints on their journey and have been impressed by their ability to adapt to market changes and deliver impressive growth while maintaining financial health during the global pandemic over the past three years. Glints is at the forefront of the future of talent recruitment. 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. Glints has been swift in anticipating future work needs and quick in the execution to address such needs.” said Xiaoyin Zhang Lavender Hill Capital.
“We are excited to partner and be part of the Glints’ journey. The Southeast Asia tech talent market is maturing rapidly and is poised to be a strong contender for both tech innovation and strong talent. We have been impressed by Oswald, Ying Cong, Yong Jie, and Steve’s mission and commitment to build and nurture a talent ecosystem enabled by tech that is making a profound impact on the millions of professionals on its platform and its thousands of employers. all while scaling rapidly with a focus on strong fundamentals,” said Ramon Zeng, General Partner of DCM.
The Series D round includes strong participation from investors including Endeavor Catalyst (chaired by LinkedIn founder Reid Hoffman) and existing investors including Monk’s Hill Ventures, Fresco Capital and Binny Bansal, co-founder of Flipkart.
Director of Marketing at Glints