SINGAPORE - FastCo, the start-up behind South-east Asian job portals FastJobs and FastGig, has raised $10.5 million in a Series A funding round, it announced on Thursday.
Malaysia-based OSK Ventures International (OSKVI) led the round with $4.7 million. Also participating in the round were existing investor Cento Ventures and new investor Kairous Capital.
Cento had invested $5.8 million in the Series A round in December 2021, as part of the founder and management-led buyout of FastCo from Singapore Press Holdings.
FastCo said that it has seen “steady growth” since the buyout. The company added that its Singapore operations are cash-flow positive and that it expects to break even within the next two years.
FastCo has registered more than 4.4 million job seekers across its South-east Asian operating markets, with an average of 500,000 monthly active users. Its FastJobs portal focuses on the non-executive segment, with industries including retail, food and beverage and logistics. FastGig, which was launched earlier this year, features flexible work opportunities.
The latest funding will support FastCo’s plans to deepen its regional presence and grow its sales and product development teams.
“Both OSKVI and Kairous are strategic partners who will strengthen our expansion efforts in Malaysia, where we aim to double down,” said FastCo founder and chief executive Julian Tan.
Ms Amelia Ong, executive director and CEO of OSKVI, believes that FastCo “will play a key role in facilitating the growth and success” of Malaysia’s 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,” she said.
Cento Ventures partner Ali Fancy added: “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.” THE BUSINESS TIMES