News: FastCo raises S$10.5 million in series A funding

Funding & Investment

FastCo raises S$10.5 million in series A funding

The company behind recruitment app FastJobs and flexi-work platform FastGig plans to use the fresh funds to make deeper inroads into the regional markets with a focus on its marketing initiatives and growing its sales and product development teams.
FastCo raises S$10.5 million in series A funding

FastCo, the company behind South-east Asia’s non-executive job portal FastJobs and Singapore’s first flexi-work recruitment app FastGig, has raised S$10.5 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 into FastCo with participation from existing investor Cento Ventures and new investor Kairous Capital.

FastCo plans to use the fresh funds to make deeper inroads into the regional markets with a focus on fortifying its marketing initiatives and growing its sales and product development teams, the company said in a statement.

Cento, a venture capital firm focused on early-stage technology start-ups in Southeast Asia, came on board with S$5.8 million of funds during the initial series A round in December 2021 and participated in the founder and management-led buy-out of FastCo from then SGX-listed Singapore Press Holdings.

“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 HRTech 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 and CEO of FastCo.

“We are excited to have FastCo joining our stable of portfolio companies that are leading change and delivering positive impact in their respective industries. The onset of the Covid-19 pandemic and the advent of technology has democratised how we work, and in many ways, it has redefined “work” itself. FastCo’s recruitment platforms are about delivering that change, especially to the informal and non-executive employment sector,” added Amelia Ong, executive director and CEO of OSKVI.

Amelia Ong, executive director and CEO of OSKVI said "Gig work" is an emerging trend, in Southeast Asia and globally.  “We believe FastCo will play a key role in facilitating the growth and success of this new sector for Malaysia where 26% of our local workers already belong to the gig economy. We are honoured to support FastCo in its goal of matching qualified gig workers with businesses in search of solutions to headcount constraints and labour shortages.”

Since completion of the buy-out exercise in 2021, the Group has experienced steady growth. To date, across all its operating markets, the platform claims to have registered more than 4.4 million jobseekers across all operating markets, with an average of 500,000 monthly active users. These jobseekers have access to more than 20,000 jobs from verified employers, including big players in the retail, food and beverages and logistics industries.

Ali Fancy, partner, Cento Ventures,  said the strong growth in FastCo’s net revenue over the last year reflects the size of the market they are addressing and the relevance of FastCo’s products in the current labour environment. “We look forward to supporting the team as they continue to focus on uplifting the standard of living of the hard-working manual, service and semi-skilled workforce, while expanding their offerings to encompass new verticals such as providing access to much-needed financial services.” 

FastCo’s Singapore operations yield a positive cash flow, and buoyed by positive prospects from recovering job markets, the Group expects to break-even within the next two (2) years, the statement said.  

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Topics: Funding & Investment, #Hiring, #GigEconomy

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