The round saw participation from new investors Azure Ventures and Japanese HR firm Bizreach Inc, while all existing backers including East Ventures, Prasetia Dwidharma, and Skystar Capital also topped up on their investment in Ekrut.
The deal confirmed a report by DEALSTREETASIA in December last year, stating that Venturra and Prasetia Dwidharma had contributed in a new funding round in Ekrut.
The company said, the fresh capital will accelerate Ekrut’s growth and improve product and data science, while also grow the startup’s network of employers and talent in Indonesia.
Founded in 2016 by Steven Suliawan and ArdoGozal, Ekrut provides a job search marketplace for highly skilled professionals. Its platform enables job seekers to land multiple offers only with a single application while employers can instantly invite relevant candidates for interview after posting their hiring needs.
The startup aims to provide a solution to Indonesia’s 140 million working population, which is the largest in the region, and capitalize on the recruitment market in the country worth an estimated $1.5 billion, according to Euromonitor.
Ekrut currently claims to host over 2,700 employers and 120,000 highly skilled candidates in its database, serving numerous companies, including including local unicorns such as Tokopedia and Go-Jek. The data science curates around 5% of applicants weekly to join the platform’s marketplace and for employers to review, engage, and potentially hire, all within two weeks on average.
Venturra Discovery managing partner Raditya Pramana said: “It is ironic that the hiring process of highly skilled mid-to-top level managers is still very manual, with an especially difficult sorting mechanism to effectively highlight good candidates. It requires a unique and specialised solution that provides candidate classifications based on identifiers for tech capabilities, which we believe Ekrut has.”
The new investment for Ekrut comes just over two years after it raised its seed funding round in January 2017.
Ekrut competes with Kejora-backed Qareer Group, which operates two job listing portals, Qerja and Jobs.id. The company recently raised a $10.5-million funding round led by Indonesian media conglomerate Emtek Group.
Meanwhile, Indonesia’s HR management industry has seen the emergence of a number of tech players including Golden Gates-backed Gadjian, as well as East Ventures-backed Talenta, which was acquired by competitor Sleekr last year.