FastCo, a Singapore-based jobs and recruitment platform, announced that it has raised $7.5 million (S$10.5 million) as a part of 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.
The startup will use the funding to support its regional expansion plan, focusing on marketing initiatives. It will also grow its sales and product development teams.
Established in April 2015 by Julian Tan, who founded and grew several startups under Singapore Press Holdings (SPH), FastCo 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. The company operates in Singapore, Malaysia, and the Philippines, boasting more than 500,000 monthly active users. There are over 20,000 jobs on FastCo’s platform posted by companies from industries such as retail, F&B, and logistics.
Commenting on the latest funding, Founder & CEO of FastCo, Julian Tan, said:
We are excited to welcome OSKVI and Kairous onboard as FastCo embarks on a journey of accelerated growth. 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.
Through its seamless and easy-to-use website and mobile apps, FastCo is committed to supporting businesses’ labour needs while enabling meaningful employment of non-executive workers across all its operating markets.
Executive Director & CEO of OSKVI, Amelia Ong, said:
The onset of the Covid-19 pandemic and the advent of technology has democratized 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.
Amelia further added:
Today, many people earn their living in ways that do not resemble traditional 9-to-5 jobs. ‘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 percent of our local workers already belong to the gig economy.
Since the completion of the buy-out exercise in 2021, the group has experienced steady growth. To date, across all its operating markets, it has registered more than 4.4 million jobseekers across all operating markets. Recently, the firm officially launched its flexi-work platform, FastGig, enabling access to flexible work opportunities beyond conventional part-time or full-time employment.
Cento Ventures Partner, Ali Fancy has also commented on the investment, saying:
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.
Last year in December, Cento had invested S$5.8 million (US$4.1 million) in the Series A round as part of the founder and management-led buyout of FastCo from Singapore Press Holdings.