Frontier Digital Ventures to inject cash in Sri Lanka property portal

Malaysia’s Catcha Group-backed online classified operator Frontier Digital Ventures (FDV) will inject $200,000 into Sri Lankan property portal LankaPropertyWeb in a bid to raise its stake from 37 per cent to 48 per cent.

In an announcement on Monday, FDV said, it will exercise its option to increase its ownership of LankaPropertyWeb, Sri Lanka’s leading property website.

“The cash injection will provide LankaPropertyWeb with additional funds to cement it’s market leader position in Sri Lanka,” said FDV without specifically noting the use of additional funds from FDV.

FDV mostly partners local entrepreneurs running market leading online classifieds businesses in frontier markets, and applies its management and operating expertise, as well as financial resources to accelerate the growth and leadership position of each operating company.

As each business grows, FDV looks to increase its equity stake. In case of LankaPropertyWeb, the portal grew the total leads to over 72 thousand, from just 3,000 in December 2015. Total listings have also increased by 80 per cent since December 2015, according to FDV.

FDV currently has 16 portfolio companies in its kitty across 19 markets within Africa, Pakistan, Sri Lanka and Myanmar. In Pakistan, it is Zameen.com, Panama-based Encuentra24.com, Nigera’s ToLet.com.ng or Carwangu.com, an automotive portal based in DR Congo.

The Australian Stock Exchange listed-FDV had raised $21.7 million (AUD 30 million) in an oversubscribed listing in August last year.

Also Read:

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FDV to participate in capital raising for Pakistani property portal Zameen.com

Exclusive: FDV-backed realty site Casa Mozambique eyes Series A, expansion

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.