glitters, one of the largest talent development and recruiting platforms in Southeast Asia, today announced it has raised $50 million in an oversubscribed Series D. The round was co-led by DCM Ventures, Lavender Hill Capital and recurring investor PERSOL Holdings. This brings Glints’ total to date to $80 million.
As part of the investment, founders of Lavender Hill Capital, Xiaoyin Zhang and DCM Ventures, general partner Ramon Zeng, will join Glints’ board of directors.
Glints’ platform currently has three million professionals in five markets (Indonesia, Vietnam, Singapore, Malaysia and Taiwan) and 50,000 companies seeking employees, including AIA, IKEA, GetGo, KKday and Gameloft.
The new capital will be used to expand Glints’ talent offering in the Philippines and global employer demand, and to recruit staff for its product and technical teams.
Founder and CEO Oswald Yeo told londonbusinessblog.com that the company is focusing on the Philippines because of “its large and fast-growing international workforce. In addition, we are seeing local employers interested in hiring tech talent locally, as well as hiring them remotely.
The Singapore-based startup, founded in 2013, says its annual revenue and gross profit grew 2.5x year-over-year, continuing the trend of annual revenue growth at a triple-digit percentage.
A growth engine is the increasing demand for homeworkers. Glints says foreign job posting has more than tripled year on year, and it sees positive contribution margins across all business units, with Indonesia and Vietnam remaining profitable. This continues a trend from earlier in the pandemic: in the past two years, Glints’ external cross-border job openings have grown more than 11x.