Online investment firm the Catcha Group announced that its portfolio company the iProperty Group, which owns and operates a regional network of property websites, has crossed RM1 billion (US$314.4 million) in market capitalisation.
Talks are in an advanced stage with three parties, local and foreign, which will each invest matching funds of up to US$25 million into any of four local venture capital (VC) companies that Mavcap is planning to spin off by January, 2014.
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.
Catcha Group, which had earlier reported it had allocated US$150 million for online investments in South-East Asia, went further afield to acquire an undisclosed stake in Dubai-headquartered property portal propertyfinder.ae.
The Malaysian startup ecosystem compares very well with those in other countries, including Singapore, writes Karamjit Singh.
Catcha Group said it will be investing up to US$150 million in online businesses in the Asean region over the next five years, with announcements expected to be made over the coming weeks.
Funding from both public and private money helps fire up entrepreneurs with big dreams, writes DNA founder and CEO Karamjit Singh.