Japanese internet giant Recruit launches $25m SG-based blockchain fund
Recruit Holdings, the Japanese internet giant that acquired jobs and recruiting portal Glassdoor for $1.5 billion last year, has quietly launched a $25-million Singapore-based fund that seeks to invest in blockchain-related startups, according to a company announcement.
The Japanese HR and consumer-information provider said it established the fund – RSP Blockchain Tech Fund – in November 2018 to invest in “promising startup companies” with the aim of discovering new technologies and new business models. The fund, it added, will primarily invest overseas
“We recognized the growing importance of exploring business opportunities in this field (blockchain technology), and we established the new fund with the aim of rapid investment in related startup companies,” the company said.
The fund’s establishment was only made public last week, or three months after its launch, when Recruit announced its investment, through the fund, in Beam Development, an Israel-based provider of blockchain that protects user information from being leaked to third parties. Financial details of the investment were not disclosed.
Aside from providing a blockchain that prevents transaction data from being leaked, Beam’s token also ensures “auditability of transactions” by allowing data to be verified by a specified third party, Recruit said.
Beam was founded in August last year by Alexander Zaidelson. Before establishing the company, Zaidelson was with CIRTech Venture Capital Fund, a fund that invests in growth- and late-stage technology companies in Israel.
Founded in 1960, the Tokyo-headquartered Recruit Group creates and provides platforms that connect companies and consumers. The company operates a wide range of services, including HR technology, recruitment advertisement, employment placement, staffing, housing, and real estate, bridal, travel, dining, beauty and others.
Recruit has more than 45,000 employees and operates in more than 60 countries. In May 2018, Recruit agreed to acquire US-based jobs and salaries portal Glassdoor for $1.2 billion in cash, allowing the Japanese firm to gain access to Glassdoor’s extensive cache of content. Glassdoor has almost 59 million monthly users, 40 million reviews and insights for approximately 770,000 companies. Within Recruit, Glassdoor operates as an independent business.
Last year, Recruit also acquired Workopolis, a Canadian website that specialises in online job searching, for an undisclosed amount. In 2012, the company acquired US-based recruitment site Indeed.com.