Malaysia’s Frontier Digital Ventures raises $67m to fund three acquisitions

FDV co-founder and CEO Shaun Di Gregorio

Malaysian online classifieds operator Frontier Digital Ventures (FDV) has completed the institutional component of a $67 million capital raising to fund three acquisitions from the Norwegian online classifieds firm Adevinta ASA.

The Australia-listed group has entered into agreements to acquire 100% stakes in Fincaraíz, a real estate marketplace in Colombia, Avito, a general classifieds portal in Morocco, and Tayara, a general classifieds portal in Tunisia, according to a statement on Monday.

“Following the new acquisitions, FDV’s portfolio will consist of interests in 15 online marketplace businesses active in 20 markets across Latin America, Africa, and developing Asia,” the company said.

FDV has a particular focus on property and automotive verticals and general classifieds websites.

We were one of the first internet investors in some markets such as Pakistan and Myanmar. These latest acquisitions see FDV evolve into a leading operator of emerging marketplaces,” said the company’s CEO and co-founder Shaun Di Gregorio.

FDV was founded by Gregorio and Patrick Grove after they partnered together to build iProperty, Malaysia’s largest property listing site.

“We learnt how to build iProperty in Malaysia and how big a property marketplace could be if you did certain things correctly. We also realised that great entrepreneurs in emerging markets neither had access to capital and mentorship nor the case studies we had,” Grove said.

iProperty was sold to Australia-based digital advertising firm REA Group for A$751 million in 2015, according to media report. After leaving iProperty, we designed FDV to provide both financing and mentorship to these great local entrepreneurs,” added Grove.

In February, FDV had fully divested its 20 per cent stake in Vietnam-based online real estate classifieds startup Propzy for a cash consideration of $4.7 million.

In May 2018, FDV had raised A$11.2 million through an institutional entitlement offer to increase its ownership in existing Tier-1 companies to accelerate their development.

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.

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.