Left to right: David Cheng (CFO), Julian Tan (CEO & Founder), Lim Huishan (General Manager FastJobs Singapore & Philippines), Lee Pin-Ju (Head of FastGig Singapore)
Jobs and recruitment platform FastCo today announced that it had raised S$10.5 million (US$7.4 million) in its Series A funding round.
In the extended Series A round, Malaysia-based investment firm OSK Ventures International led the funding that raised a total investment of S$4.7million (US$3.3 million) into FastCo with participation from existing investor Cento Ventures and new investor Kairous Capital.
Cento, a venture capital firm focused on early-stage technology startups in Southeast Asia, participated with S$5.8 million (US$4.1 million) of funds during the initial Series A round in December 2021.
It participated in the Founder and management-led buy-out of FastCo from then SGX-listed Singapore Press Holdings.
FastCo will use the funding to support its regional expansion plan, focusing on marketing initiatives. It will also grow its sales and product development teams.
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“We are excited to welcome OSKVI and Kairous onboard as FastCo embarks on a journey of accelerated growth. OSKVI is an established investor with seasoned experience investing in the HR tech business. Their investment is a validation of our progress since we spun off. Both OSKVI and Kairous are strategic partners who will strengthen our expansion efforts in Malaysia, where we aim to double down on the underserved B40 market,” said Julian Tan, Founder & CEO of FastCo.
FastCo is the company behind the non-executive job portal FastJobs and the Singapore-focused flexi-work recruitment app FastGig.
The company aims to improve the livelihoods of underserved and informal job seekers and deliver a data-driven unified experience for employers through its proprietary employment matching platform, catering to job markets in Singapore, Malaysia, and the Philippines.
Since the completion of the buy-out exercise in 2021, FastCo said that it had experienced steady growth with a registered 4.4 million jobseekers across all operating markets, with an average of 500,000 monthly active users.
The company also said that its Singapore operations yield a positive cash flow and are buoyed by positive prospects from recovering job markets. It expects to break even within the next two years.
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Image Credit: FastCo
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