(21st July) Despite the Covid-19 pandemic, Penang-based recruitment tech startup, JobRewards, is planning ahead to enter the SEA market by 2025.
As one of the unique job platforms in the industry, JobRewards is using its innovative solutions to help jobseekers find the right job and employers to make better hiring decisions. JobRewards also rewards its users with its Reward Points system that allows users to collect points that will never expire to redeem products on its platform.
After successfully raising a pre-seed of RM335K from MyStartr, a local ECF partner, JobRewards has allocated funds into developing and marketing new products to serve a wider range of customers. Taking the lead in resource-sharing, JobRewards pioneers an Open For All (OFA) model that opens up its recruiting resources for all freelance recruiters as well as anyone who wants to get rewarded for referring friends and family for jobs on its platform.
“We’ve launched our own upskilling and apprenticeship programs to upskill and train up our users for better job opportunities. As for projects in the pipeline, we are working to have our JR University and JR Connect app which we aim to increase user engagement,” said John Ling, CMO of JobRewards.
“We’ve also just rolled out our own initiative to help local businesses to go digital with our Bantuan Digitalisasi JobRewards,” added John, “ This is in line with our government’s provisions for SMEs to adopt digitalization in their daily operations, and we want to help local businesses to stay afloat and resilient during this difficult time.”
When being asked what is the exit plan for JobRewards investors in their weekly pitching session last Saturday, Adam Tan, CEO of JobRewards answered “We have a few strategies in mind. The short-term plan will be M&A with our partners or competitors. But a longer and more viable plan will be an IPO, but we are still not sure whether to do it here (Malaysia) or in Singapore.”
Adam proceeded to show his slide on the latest IPO of Boss ZhiPin, a Chinese job platform that was successfully listed on NASDAQ recently. “This may be too far-fetched for us now, but we believe with our investors’ help, we will be able to achieve this in the future,” added Adam.
Currently, JobRewards is raising its seed fund of RM1 Million with the valuation of RM6 Million to further develop its AI technology and social app.