Bangkok-based job search portal WorkVenture has secured $3.6 million in a Series A financing round from a Thai strategic investor, marking the largest Series A round among Thai startups this year.
This is the second fundraising by WorkVenture after it secured 15 million baht ($420,000) in a round led by TCC Land Asset World’s chief executive Sommaphat Traisorat and PACE Development executive director Songphon Chaovanayothin.
The investor in the latest round is not an existing investor. A source, familiar with the negotiations, said the new investor is a founder of a listed Thai media-related company.
WorkVenture, founded in 2014, claims itself to be ‘Netflix for Jobs’. It has developed a portal providing AI-powered job listing solutions to working professionals and employers by utilising proprietary matching algorithms and machine learning to more accurately connect employers with candidates.
With the latest funding, it plans to increase its market share in Thailand and stage a roadshow in ASEAN capitals in the second quarter of 2018. It will also enhance its algorithmic technology.
“Our goal is to change the way recruitment is done in Southeast Asia, together with algorithmic matching and anonymous reviews of companies,” said WorkVenture CEO Jens Pold.
WorkVenture has launched anonymous company reviews, a la Glassdoor, that allow Thailand’s white collar workforce to voice their opinions of workplaces.
“Traditionally, a majority of employees are reluctant to express opinions or raise concerns over issues in the working environment until it is too late,” said Executive Director Alex Kerbo. “Transparency is the answer. It not only addresses those issues but helps lower turnover rates by providing potential candidates with real insights into a company’s culture.”
Alex declined to reveal the number of registered clients on the portal currently. However, he mentioned that the firm’s clients include international corporations, Thai listed companies, hotels chains, tech giants and startups.