Funding

With RM5.4 Mil In Pre-series A Funding, WOBB Prepares To Battle Youth Unemployment In Asia

WOBB is a Malaysia-based job portal founded in 2014 that targets Gen Y and Gen Z job hunters. According to them, over 1.3 million job applications have been made through the platform to date aided by their efforts of holding career fairs and company tours.

The platform specialises in employer branding and improving the hiring process to help employers attract relevant candidates, and it does this by taking advantage of big data, using matching algorithms and AI chatbots for the screening process.

On the 5th of August, WOBB announced that they raised a pre-Series A investment of RM5.4 million from CAC CAPITAL Investment Limited Partnership (CAC CAPITAL), Accord Ventures Inc (Accord Ventures) and Actcelerate International Group Ltd (AIG).

The funding round was arranged by Cradle Fund Sdn Bhd, which has helped fund over 900 Malaysian tech startups throughout its 16-year history and holds the highest commercialisation rate amongst government grants in the country.

Fumihiko Ishimaru, founder and CEO of Accord Ventures in Tokyo foresees opportunities for further collaborations with WOBB and assured that the platform would have the support of networks not limited to Japan, but also other Asian countries.

President and CEO of also Tokyo-based CAC CAPITAL, Takuya Maeda said, “WOBB provides a means for companies to communicate their value… in a new perspective to Generation Y.”

“We are proud to be a company that (has) successfully attracted foreign direct investment (FDI) into Malaysia,” said Derek Toh, founder and CEO of WOBB on their latest investors being from Japan and Australia.

What’s Next For WOBB?

The funds acquired will be used for growth acceleration and in capturing market share, with WOBB’s immediate goal being to dominate Gen Y hiring in Asia.

“Our vision is to be the largest youth platform in Asia, and successfully raising this round is an amazing endorsement and validation for us as we take another big step towards this vision,” Derek said.

The company also aims to tackle relevant issues that Asian youths face and will direct their efforts towards eradicating youth unemployment and increasing their individual earning potential.

“We are excited to continue to help our young talent build a strong foundation for life by first landing them the right job.”

“We believe the reason many people are unemployed is because they are not applying to the right companies and the platforms don’t help them stand out and sell themselves better to these employers,” Derek told us.

Through further product development, WOBB plans to evolve their tech-enabled recruitment service Hiredly.com. They will also be having an upcoming office in the Philippines while increasing their headcount and WOBB’s general marketing.

Believe In Your Own Idea And Vision

When asked what advice he’d give to other startups looking for funding, Derek said, “Build a product and business that you truly believe in, and work hard on execution.”

“Don’t worry so much about changing your pitch to adapt to what the investors want to hear. Because you’ll soon realise that different investors care about different things and often have conflicting opinions and ideas.”

“As long as you fully believe in your own idea and vision, and your numbers are good, eventually you will meet an investor who shares your vision and sees what you see.”

  • You can read more about WOBB here and here.

Featured Image Credit: WOBB

 

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