Belt Road Capital Management (BRCM), a Greater Mekong focused private equity firm based in Cambodia, has announced a $4 million investment in Unnitel, Asia-based mobility virtual network provider, according to a statement.
The deal marks BRCM’s first investment in the telecom sector.
Unnitel, with its brand WeRocket, will use the proceeds to expand its geographical presence. With offices in Hong Kong and Singapore, Unnitel is looking to expand its footprint to India, Malaysia and Indonesia.
The company hopes to cover at least another five Asian markets by another year and a half, targeting enterprises, small and midsize business market and the travel industry.
“We are very excited to work with experienced telecommunication operators in David Milroy and Kee Boon Hian. We see huge potential in this sector as demand for data continues to soar in Southeast Asia,” said Alex Odom, chief investment officer of BRCM.
Unnitel, which offers mobile wi-fi devices and services, plans to launch its flagship product that will offer free unlimited data in over 90 countries for two years, eliminating all roaming charges.
Unnitel technology and services reimagines the possibilities of global connectivity and mobility for the frequent traveler, said David Milroy, executive chairman of Unnitel.
In January 2018, BRCM invested $1.8 million in Cambodian property portal and marketing agency Digital Classifieds Group (DCG) which backs Realestate.com.kh. In April, it invested $7 million in Oway Group, a leading travel company from Myanmar, as part of a $14.7 million financing round.