Frontier Digital Ventures acquires stake in Propertymaputo.com

Propertymaputo is FDV's second investment in Africa.

Digital investment firm Frontier Digital Ventures (FDV) has further consolidated its holdings in Africa, with a landmark investment in Propertymaputo.com, Mozambique’s leading online property classifieds business.

The firm said this investment continues its successful strategy of partnering with the leading online classifieds businesses in frontier markets around the world. The investment size was not revealed.

FDV recently made an investment in East Africa, committing an undisclosed amount in Tanzania’s online classifieds business Kupatana.com.

CEO and founder Shaun Di Gregorio was quoted: “The business has a great platform in place and is moving in the right direction in what we see as a truly dynamic market in Africa. The combination of our experience and funding along with Bryan and the teams passion and commitment we think makes for a great opportunity to build a market leading business in Mozambique.”

Propertymaputo was founded by South African Bryan Wester and has focused on the English language market in Mozambique, FDV expounded.

The website will be extending its focus to cover the local language Portuguese language market with a revamp of its design and functionality, FDV said.

FDV will utilize its extensive resources and expertise to solidify Propertymaputo.com’s dominance in the market, whilst providing critical strategic and operational support to continue to grow the business, it said.

Headquartered in Kuala Lumpur, the fund is on target to making 30 investments in disruptive digital businesses with a mandate focused on five key frontier regions like Central America, Middle East & North Africa, East Africa, West Africa and South Asia.

Related story: Frontier Digital Ventures invests in Tanzania’s Kupatana.com

Mozambique’s rapid strides over the past two decades in both political and economic arenas, has seen the country emerge as one of the world’s fastest-growing economies, FDV said in its statement.

The firm added that the break-neck speed economic reforms, including privatising thousands of state-owned enterprises whilst streamlining foreign investment procedures have catalysed tremendous economic growth in the country.

Mozambique’s gross domestic product (GDP) growth averages at 7 per cent and is expected to rise to greater than 8 per cent from 2016 onward.

With a population of 26 million people, the country is widely regarded as one of the highest growth potential telecom markets in Africa with an existing 1.5 million Internet users and 13 million mobile users, FDV added.

The completion of two submarine fibre optic cables in 2009 and 2010 have connected Mozambique to the international network and lowered the cost of bandwidth, while the newly vibrant telecommunications industry ensures efficient delivery of 3G at competitive prices.

FDV is helmed by Di Gregorio, a global emerging market online specialist who spearheaded the transformation of iProperty Group from a small online business into one of the largest listed Internet companies in ASEAN, with a market capitalisation of $600 million during his four year tenure.

He is currently a non-executive director of ASX-listed iCar Asia and having formerly served as CEO of iProperty Group.

Also Read:

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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.

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.