Recruitment startups bag millions of dollars

By Thanh Duong   July 5, 2020 | 01:02 am PT
Recruitment startups bag millions of dollars
Entrepreneurs speak to business experts at a startup competition in Ho Chi Minh City. Photo by VnExpress.
Vietnamese recruitment startups have raised tens of millions of dollars in the last six months despite coronavirus impacts on the economy.

In May, JobHopin raised $2.45 million from foreign investors to develop an automated job-recruitment platform for Southeast Asia. It has so far raised more than $3 million.

The startup, founded in 2017, seeks to connect job seekers and employers using its database of more than 1.4 million job candidates derived from online databases and 2,000 enterprise clients in Vietnam.

In April, TopCV raised nearly VND10 billion ($431,500) from Vietnamese tech firm NextTech. TopCV allows users to create online resumes and connects them with employers.

Five years after it was established, TopCV is now the second job recruitment network in Vietnam, behind VietnamWorks, with 3 million applicants, 95,000 employers. The platform connects 150,000 applicants with employers each month on average.

In February, Sieu Viet Group raised $34 million from investment fund Affirma Capital. The company runs four job recruitment websites in Vietnam.

The same month, TopDev, which focuses on recruitment in the IT sector, received an undisclosed amount of money from South Korea’s leading recruitment platform SaraminHR.

Its founder and CEO, Nguyen Huu Binh, said the money will be used to improve the services and customer experience of the platform, which has 300,000 applicants and 5,000 employers which are top tech firms in Vietnam and in Southeast Asia.

Online recruitment demand rose 55 percent in the 2015-2019 period with sales and administrative staff the most sought after.

Hanoi and Ho Chi Minh City lead the country in the number of job postings, followed by the southern province of Binh Duong, the central city Da Nang and the southern province of Dong Nai.

Investments in Vietnamese tech startups doubled to $741 million last year as the country went past Singapore for the first time and ranked second in Southeast Asia behind Indonesia, according to Singapore-based venture capital firm Cento Ventures.

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