GrabTaxi (MyTeksi in Malaysia) lands a substantial Series A round, reported to be in the region of US$10 million, with existing investor Singapore venture capital firm Vertex Venture Holdings as the lead investor. Karamjit Singh has the story.
Is there a funding gap because VCs in the region lack business experience? Or is the lure of India and China simply overshadowing Asean possibilities?
There is a gap in the Asean venture capital space and it has been unable to meet demands in the region, particularly when compared with that of more mature markets such as the United States and Europe, according to Patrick Grove, group CEO and founder of the Catcha Group.