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SEEKERS TECHNOLOGY

Free Job Posting with Recruitment System

SUMMARY VIDEO

COMPANY DETAILS

SUMMARY

Seekers Technology Sdn Bhd is a Recruitment Technology development company and the service provider of Seekers platform. Our mission is to equalize career opportunities.

Since our founding in 2016, we have achieved the following numbers to date: our recruitment business as our primary focus.

  • Successful hirings: 417
  • Revenue: RM4 million
  • Employer Database: 2,200
  • Candidate Database: 50,000
  • Recruiter Database: 22,000

Until 2019, Seekers was solely in the recruitment business. Still, with the advent of COVID-19 at the end of the year and the inevitable changes in the market, we decided to expand our business model.

The chart above shows that we started to gain traction during the pandemic period. This massive increment was achieved due to the Seekers Recruitment System ("SRS"), a web app for employers launched in May 2020.

In other words, in 2020, a business with a domestic market cap of RM889 million, a SEA market cap of RM6.4 billion had started to take off.

This traction has already succeeded in making a new cash point from SRS and keeping earnings from our existing recruitment business model.

Therefore, 2021 will be a year of scaling up, and 2022 and beyond will be about further increasing revenue in the domestic market and expanding the global version of Seekers.

We suppose your investment decision has never been easy, but we at Seekers are doing our best to provide as much information as we can below. It would be a pleasure if you can add us to your investment consideration list after reading.

PROBLEM

Despite the proliferation of numerous online job portals, employers are still unable to solve one major problem: the inability to find the candidates they are supposed to.

The following data reveals that this problem is not due to the layouts of the job portals but, more importantly, passive candidates due to the failure to engage its user's.

Even if there is a job site that all job seekers visit, employers can only effectively reach approximately 5% of the total candidates. (And this is a fact that becomes even clearer if you now examine Google's keyword search volume data.)

However, our recruitment experience has shown us that many people who are not visiting job sites are interested in applying for jobs. In other words, the most important thing is to "show the job information to the candidates who have not visited these types of sites recently."

SOLUTION

So we developed a recruitment system that engages with the community as below:

The system's primary goal is to aid employers in engaging recruiters whenever their services are required. These recruiters can then reach out directly to former colleagues, friends, or social media to deliver job postings to people who don't usually visit online job sites.

We have completed more than 400 recruitment projects using this system, even though we have never employed any internal recruiters.

There have been several companies in Malaysia and around the world that have tried to create something similar. Still, they have given up due to the high barriers of both technology and community building.

Freelance Recruiter - the ideal side income program

Today, over 22,000 people, mostly Malaysians, have registered with Seekers as recruiters, and their identities are very diverse. Here are some examples of people who are active.

We found that the 22,000 recruiters can then be further divided into three broad categories.

  1. Industry Insiders
    • People who work in a particular industry. Their strength is the network they have built during their careers.
  2. Housewives and students
    • Time and motivation are their strengths. Since networks are often not sufficient at first, the Seekers take additional time to learn recruitment methods and knowledge to make money consistently.
  3. Former headhunter, HR
    • Strengths are the candidate database and network they already have. HR professionals, in particular, often do not have a different manner to gain income from their employers, so they appreciate the opportunity to earn extra income by using the Seekers app.

By running this recruiting program, we can solve modern career problems that cannot be solved by regular job placement, which is why our app has obtained tremendous growth.

As you can see from the diagram above, all the user needs is a smartphone. If users don't know about recruitment, they can still earn money by getting Seekers' free learning support and gaining confidence as they acquire valuable skills.

Also, the Recruiter is online, so it doesn't matter what country they live in now. We have already successfully headhunted for jobs in Singapore and Japan, and we expect to increase our revenue further when Seekers goes international.

Candidate’s Career Problem & Solution

The most important part of the job ecosystem is the candidate. If we can't solve the candidate's problems, the ecosystem will not continue to run well.

However, candidates face too many different job and career issues that it is challenging to solve them one by one. Therefore we decided to solve the root cause of the problem, and to do so; we clarified the mechanisms that cause career issues.

Suppose candidates don't have the opportunity to think about their careers. In that case, they will age without the chance to verify their value or think about the skills they need, so they will get fewer job offers and enter a vicious cycle of career failure.

The easiest way to avoid falling into this vicious cycle is to contact several relevant employers. So we have perfected a system where "companies can make offers to individuals, and individuals can also express their interest to companies."

PRODUCT

This application JobFinder, along with Employer’s SRS, are two sides of the same coin. The JobFinder App is a job marketplace used by candidates, while SRS is a candidate marketplace used by employers.

With the involvement of a recruiting expert, the fundamental development of the above ecosystem was completed in February 2021.

Each of the three components is the driving force behind the opportunity. We keep developing and managing the systems and platforms that will allow us to accumulate data quickly and permanently, enabling us to provide even higher value-added services.

In addition, the following system is already included in the JobFinder app to avoid the problem of "the complexity of updating candidate information causes candidate profiles to become outdated and the ecosystem to die." like competitors' services.

A resume is a document that is essential for an interview. That's why we developed a technology to handle the text data specified in resumes flexibly and created an environment that allows JobFinder users to update information easier.

In this way, we have completed the foundation of a new, highly scalable platform as Seekers 3.0. 

TRACTION

Seekers' fiscal year starts in April and ends in March, so FY20 data covers our performance up until March 2020.

The increase in revenue is mainly due to an increase in the number of headhunting successful cases. Large difference in 2019 and 2020 revenue is due to consolidation. 2019 is a consolidated account but 2020 is not consolidated as it is not yet audited. Plus the pandemic is also impacted for our cross border recruitment transaction.

This year 2021, we will focus more on domestic transactions and advancement on SRS to achieve targets. Revenue in April 2021 is RM121k so the target is achievable.  

CUSTOMERS

As of today, more than 2,200 companies have registered with us, and about 400 of them are clients that also have recruitment contracts with us.

BUSINESS MODEL
Recruitment

A straightforward way to describe this model is that it is a probability game with success fees. By raising the quantity by handling more jobs and increasing the conversion rate of each step by managing the process well, the number of successful cases increases.

The diagram above shows the general flow for establishing a recruitment model. About the percentage embedded in the circle, which is the probability of each step against the overall number of jobs per month. As a result, about 10% of all jobs is successful and the funnel is complete.

The actual invoice amount contracted based on the hired candidate's annual salary x 15% on average. In the above figure, the Recruitment Model generated a gross profit of RM35,225 in December 2020. Therefore, the model itself already meets the standards to be profitable.

SRS

This model differs from recruitment in that it is a freemium model that generates profits through software sales mainly.  Since the launch of the paid feature was in October 2020, the revenue for December was still only RM1,460, but the revenue model is now in place while the number of users is increase. The figure below shows the three cash points of the SRS, which will be completed in April 2021.

Boost & DB Scout

Recruiter Boost and DB Scout are the two services that are currently available and consistently generating sales. Companies that don't have the budget to use headhunters but can't get candidates through Job Posting alone are purchasing these services.

Convert to Headhunting Client

This was the most important reason for the development of SRS. The online presence and ability to generate traction make it possible to consistently and automatically get customers for our most profitable model. In December 2020, 4 clients were acquired thanks to SRS.

 

JobFinder App

This model differs from the above two in that the candidates are the ones being charged, so it is a so-called B2C model. In-app purchases will be the revenue of this model, and this content is deeply related to SRS, so please refer to the illustration below.

The simple yet powerful logic is that candidates who make in-app purchases will receive more job offers because employers can send job offers without paying for DB Scout Credit. The exposure for the matched employer is tremendously higher.

As of February 2020, we are running an operational experiment as a beta version, assuming that all users who have downloaded the app are those who have made in-app purchases. We expect to be able to launch this model in April without any hiccups.

Monthly Cost Structure

The table below shows the most recent costs sorted by management accounting standards. It may fluctuate up or down by about RM10,000 per month due to necessary expenses (license renewal, etc.).

Cost Name Amount Ratio for Headhunting for SRS for JobFinder
Corporate Management RM21,500 17.30% RM7,310 RM7,095 RM7,095
Marketing RM12,750 10.26% RM6,350 RM6,400 RM0
Platform Development & Maintenance RM30,000 24.14% RM2,500 RM14,500 RM13,000
Client Management RM18,000 14.49% RM15,500 RM2,500 RM0
Recruiter Management RM20,000 16.10% RM15,000 RM5,000 RM0
Candidate Management RM22,000 17.71% RM22,000 RM0 RM0
Total RM124,250 100.00% RM68,660 RM35,495 RM20,095

Seekers' organizational management is focused on scalability. It is the fate of recruitment agencies to increase sales and internal recruiters to increase revenue tenfold or a hundredfold. Yet, Seekers does not have a sales team dedicated to client acquisition, nor does it have internal recruiters.

MARKET

We are targeting two main markets: the recruitment market and the online recruitment services market. However, since this service is still only available in Malaysia and the primary revenue is generated from recruitment, we have defined the market as follows.

Market size calculation method
  • SAM = Total annual revenue of 22 major recruitment companies in Malaysia
  • SOM = SAM + total annual revenue of 8 major job portals in Malaysia
  • TAM = SOM x Total GDP of each country / GDP of Malaysia
Service Addressable Market ("SAM")

This is the market where our primary revenue model, recruitment in Malaysia, belongs right now. It is only a matter of time before we reach the cap of this market as Seekers has handled all industries and all types of jobs and has completed a wide variety of deals. Whilst having a low-cost structure that most recruitment companies cannot achieve.

Serviceable & Obtainable Market ("SOM")

This is the market where we had seen the potential to capture since October 2020 when we launched the SRS paid function. It's just a matter of which online site an employer's hiring budget will be spent on, so it's not hard to see how SRS's paid features, which add more value than a typical job posting, will invade the market.

Total Available Market ("TAM")

Market size including Southeast Asian countries (Singapore, Thailand, Indonesia, the Philippines, and Vietnam) and Hong Kong.

There is a higher TAM for the global market, but due to the lack of numbers to calculate and the need to realistically localize the service and build a support structure, we decided to base the TAM on this region.

Incidentally, Malaysia is one of the most popular countries globally for outsourcing customer support due to the large number of people who can speak multiple languages. Additionally, the relatively low wages make it efficient for global players to build a team in Malaysia that can provide support in other countries.

COMPETITION

To sum up the story so far, it is clear that Seekers holds a substantial advantage when compared to its competitors.

All online job sites treat only 5% of the total workforce, the site visitors, and candidates and have no advantage.

Also, all of the recruiting firms already have a large number of internal recruiters and sales teams and have very little accumulated technology, so they are not scalable.

FUNDING

Seekers Technology Sdn Bhd is raising RM1,500,000 in exchange for 15.47% equity to support the company's growth. We aim to utilize 35% of the fund in company’s operation, 35% of the fund will be used for product development, 15% of the fund in marketing and another 15% for office & admin. The allocation of the fund is as follows:

VISION

Updating the Job Ecosystem with Recruitment Technology

Seekers is revolutionizing the job platform with the power of the recruiting community

Partner

We have a partnership with e-Rezeki, MDEC's sharing economy promotion division, starting in 2019 to exchange information and receive support for growth.

INVESTORS

Seekers successfully secured RM374k investment from Startup Square. Startup Square is a VC company in Japan that provides hands-on support and M&A services for EXIT opportunity

FOUNDERS

Ryotaro Ejima, Founder CEO
With more than 20 years of corporate experience, Ryotaro Ejima specializes in establishing businesses from scratch. He grabbed the business opportunities in Malaysia by starting different kinds of businesses such as shared office, F&B, IT and recruitment. He combined recruitment and technology and hence Seekers Technology Sdn Bhd was founded in 2017. As a founder, he overviews and advises on Seekers Technology Sdn Bhd’s operation, management and investment affairs.

Moved to Malaysia in 2012 to start a new business. Since then setup several business such as shared office, accounting firm, F&B, Web Media and Recruitment Agency. Taking key role to make them profitable and led to M&A transactions. Involving in Seekers Technology since its foundation and currently he is in charge of finance.

Yuya Suzuki, CFO

He moved to Malaysia in 2012 to start a new business. Since then set up multiple companies such as shared office, accounting firm, F&B, Web Media, and Recruitment Agencies. He was taking a pivotal role in making them profitable and led to M&A transactions. Involving in Seekers Technology since its foundation, and currently, he is in charge of finance.

TEAM

Salman, Lead Developer

He is a Mechanical Engineering graduate, a self-learned full-stack developer from Kedah. Specialized in PHP (Laravel) and JavaScript (React, Vue), and developed the Seekers platform from scratch within two months. Today, managing projects are Candidate Web, Candidate App, Recruiter Web, Recruiter App, and SRS.

Mageswary, Recruitment Consultant Lead

She has been in the recruitment field for practically seven years. Her core strength is identifying the best candidate for various industries strategically. Together with a highly dedicated team, the performance of recruitment has been significantly improvised.

Michael, Recruiter Management Lead

Trained in Public Relations, the strength is in Recruitment and Digital Marketing. From the digital marketing method, incorporate and run successful referral campaigns. Has coached and managed over 20,000 freelance recruiters to make their first RM100, RM1000, RM10,000.


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