Young locals attract $475k in funding for start-up
THREE young Singaporean techies secured $475,000 of seed money for their start-up yesterday.
The enterprising trio - Mr Oswald Yeo, Mr Seah Ying Cong and Mr Looi Qin En - met when they were students at Hwa Chong Institution.
They went on to study at top colleges in the United States, but dropped out last November to pursue their dream of creating an online portal to tackle global unemployment.
Glints, their talent recruitment and matching platform, aims to help young people seek out skill sets required in different careers, and to match them with jobs, internships and courses.
"The mismatch between education providers and industry requirements is rendering millions of young people unemployable every year," said the firm in a statement.
Glints, which was officially launched online yesterday, already has more than 7,000 active students and 600 companies listed.
The trio - they are all 21 - had a website up and running since May, but had their ideas polished up at a programme run by tech accelerator JFDI (Joyful Frog Digital Incubator). They are the youngest people to go through the start-up bootcamp.
Getting funds came next and the seed round - when anything from $300,000 to $1 million is raised from angel investors and incubators - was oversubscribed.
Mr Yeo said the funds will go towards expanding its engineering team, which is now made up of two employees. It will also initiate partnerships with local universities as part of its expansion plans.
Glint was led by venture capitalist East Ventures and joined by 500 Startups, Singapore Press Holdings (SPH) Media Fund, Singapore Infocomm Investments, 8 Capita, Pix Vine Capital and other investors.
Mr Chua Boon Ping, chief executive of SPH Media Fund, said there is a "huge" opportunity in the market for career discovery and recruitment.
"Although the founders are young, they impressed me with their maturity and clear vision for Glints... SPH Media Fund is excited to work with the founders to accelerate Glints' growth."