A series A funding round for Singapore-based jobs platform FastCo has raised S$10.5 million (or roughly US $7.5 million).
The company runs two platforms: FastJobs, which targets lower-paying positions, and FastGig, which caters to gig workers.
Julian Tan, the founder, and CEO of several startups that were part of Singapore Press Holdings founded and grew FastCo in April 2015. These consist of the automotive portal SgCarMart and the classified ads website 701Search.
With more than 500,000 monthly active users, the jobs platform is currently available in Singapore, Malaysia, and the Philippines. Companies from sectors like retail, food and beverage, and logistics have posted over 20,000 jobs on FastCo’s platform.
FastCo reported that its operations in Singapore have produced “a positive cash flow” in the statement. The entire business will break even in two years as well.
“The strong growth in FastCo’s net revenue over the last year reflects the size of the market and the relevance of its products in the current labour environment,” said Cento Ventures partner Ali Fancy.
First series of FastCo It was completed in December of the previous year. Cento Ventures contributed S$5.8 million (US $4.1 million) to the founder- and management-led acquisition of FastCo from SPH at that time.
The extended series A round, which was led by OSK Ventures and included participation from Cento Ventures and Kairous Capital, resulted in a final investment of S$4.7 million (US $3.4 million) for the jobs platform.
FastCo intends to use the new funding for purposes related to product development, sales, and marketing. OSK Ventures and Kairous Capital will join forces with Tan, who is also the company’s CEO, to expand the business in Malaysia.
