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.