Ex-chief artillery officer joins Singaporean crowdfunding startup as COO

CoAssets, a public-listed startup that runs a crowdfunding site for small and medium enterprises as well as real estate deals, has announced that it hired an ex-Chief Artillery Officer of the Singapore Armed Forces, Colonel Lawrence Lim, as chief operating officer.

This is likely the highest profile ex-military hire by a Singaporean startup so far. Lawrence has served many leadership roles in the army, involving human resources and strategic planning. He led the organizing of the opening and closing ceremonies for the Southeast Asian Games held in Singapore last year. He also has an MBA from MIT.

CoAssets claims to have done deals worth more than US$32 million since launching in July 2013. It raised US$733,000 in funding from private investors last year. It has expanded to Australia, and is listed on the National Stock Exchange of Australia (NSX). It’s an unusual choice for startups from Southeast Asia, which usually list on the Australian Securities Exchange (ASX).

Lawrence Lim’s Facebook profile pic.

According to an investor presentation, CoAssets secured US$1.42 million in revenue and a profit of US$191,000 in the past half-a-year, up from a revenue of US$306,000 in the same time period a year earlier. The startup’s stock price has soared by four times since listing.

In Singapore, it competes with MoolahSense. Notably, UOB Bank, one of the largest banks in Singapore, is also getting into crowd-lending, but is partnering with a foreign firm rather than working with local players.

There hasn’t been many military personnel in Singapore who’ve joined startups, but that might change. Logistics startup Courex was founded by an ex-army officer. Meanwhile, indoor drone company Infinium Robotics was started by navy officer Woon Junyang.

With the retirement age of Singaporean military officers set at a youthful 45, we might soon see more military folks join the tech bandwagon. Their experience could come in handy.