Singapore: HRnetGroup makes strategic investment in jobs platform Glints

The Glints team. Photo: Glints website

Singapore-listed recruitment firm HRnetGroup has picked up a strategic stake in talent-matching platform Glints for S$500,000 ($378,470), it said in a stock exchange disclosure.

The acquisition, done through subsidiary HRnet One, will help HRnetGroup stay ahead in the competitive digital HR space, the disclosure added. In turn, Glints will be able to benefit from HRnetGroup’s successful operational experience across 10 Asian cities.

HRnetGroup will use funds from its IPO proceeds of S$174 million ($131.7 million) for the acquisition; HRnetGroup listed on the SGX Mainboard in June last year. The payment, the company said, is not expected to have any material impact on its consolidated net tangible assets or earnings per share for the current financial year.

Glints had last raised a $2 million Series A round co-led by Golden Equator Capital and Gobi Partners in 2016. The round was joined by Wavemaker Partners and Fresco Capital as well as return backers East Ventures, Infocomm Investments (IIPL), Pix Vine Capital, and Darius Cheung, the founder of property portal 99.co.

In the past few months, Singapore has seen ambitious moves by job-matching platforms. Last month, GrabJobs said it planned to raise S$5 million ($3.75 million) in a Series A round by the middle of this year to double its team size in existing markets and fuel expansion to other Southeast Asian countries.

Its competitor UShift is also reportedly planning to raise $3-5 million in a pre-Series A round in this quarter to expand into Indonesia, Thailand, the Philippines and Malaysia. Another startup Helpster, which has a presence in Thailand and Indonesia, managed to secure $2.5 million in a pre-Series A round led by Mojo Partners and Wavemaker Partners in December.

Also Read:

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Exclusive: SG-based job matching portal GrabJobs to raise $3.75m Series A by mid-2018

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.