FastCo raises S$10.5mil with help from Malaysia's OSK Ventures

KUALA LUMPUR: Regional startup FastCo has raised S$10.5 million in its Series A funding round, with OSK Ventures International (OSKVI) emerging as the major funder.

The Malaysia-based investment firm 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 is the company behind FastJobs, Southeast Asia's top non-executive job portal for both job-seekers and employers, and FastGig, Singapore's first flexi-work recruitment app. 

FastCo founder and chief executive officer Julian Tan said both OSKVI and Kairous were strategic partners which would strengthen the company's expansion efforts in Malaysia, where it aimed to double down on the underserved B40 market.

"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," he said in a statement today.

OSKVI executive director Amelia Ong said FastCo's recruitment platforms were about delivering that change, especially to the informal and non-executive employment sector. 

"We are excited to have FastCo joining our stable of portfolio companies that are leading change and delivering positive impact in their respective industries. 

"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.

FastCo said since the completion of the buy-out exercise in 2021, the company had experienced steady growth. 

To date, across all its operating markets, the platform has 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.

To date, FastGig has worked with dozens of businesses to plug their staffing gaps, fulfilling over 500,000 man-hours since its inception.

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