Online-recruiting agency Part-time.com has secured HK$15 million from venture-capital firm enterpriseAsia.com, despite the difficult capital market.
The year-old Hong Kong agency was one of seven early-stage technology investments made by enterpriseAsia.com, which manages GBP12 million (about HK$133.9 million) and was itself established early last year. It listed on the London alternative-investment market in February.
EnterpriseAsia.com chief executive Benjamin Ng said since the burst of the technology stocks bubble in March last year, the company, like other investors, has based its investment criteria on stringent business fundamentals which applied to both new economy and traditional businesses.
Despite competition from established online agencies which cover both full-time and part-time jobs, Part-time.com chief executive Toney Lam said the firm's registered domain name gave it an advantage in the part-time segment.
He said the firm's niche-market strategy avoided direct competition with mass-market agencies.
However, the strategy meant the firm had to spend substantial resources on educating its clients on using the Internet as many of its target market's job seekers and employers - such as restaurants and retailers - were not accustomed to the Internet.