Media startup Tech In Asia is reportedly adding $6 million to its coffers to boost its recruitment business. The news, which first surfaced on TechCrunch, quotes three sources aware of the development.
Incorporated in 2009, the Singapore-headquartered platform was the first among its likes to venture into coverage of technology and startup news across Asia. The report suggests that the company was seeking and even considering acquisition offers while in process of raising this round. Turns out, it could not find a suitable entity to go ahead with and hence settled down with the fund raise.
Tech In Asia had previously secured an undisclosed funding followed by the closing of a $4 million series C round in June 2015. This news comes on heels of the cancellation of its scheduled conference in Bangalore and layoffs of its staff in India. The company, having downsized in India, is, however, looking to fill 14 positions across Southeast Asia.
With a team of about 100, Tech In Asia has reporters working from a slew of countries including Singapore, India, Japan, China, the Philippines, and Indonesia. Apart from digital content, it depends largely on events for revenue generation and had explored other options as well.
In 2015, when it graduated from the Winter 2015 batch of Y Combinator’s accelerator program, it unveiled TechList, a paid-for database of startups, investors and founders to push into data and analytics. Since then, it has been integrated into the parent platform, TechInAsia, though the focus over the course of time has been directed at something else – its recruitment business.
Established in May 2016, the purpose of its recruitment business is to connect job seekers and employees and has Facebook, Sephora, Uber and other renowned companies as its customers. Now, with the funds, it wants to be the “go-to platform” for both the firms and the people looking for jobs.