Kuala Lumpur-based Frontier Digital Ventures (FDV) announced that it has completed raising US$67 million from institutions to fund its three acquisitions.
The company declined, however, to disclose the institutional investors involved.
Frontier Digital Ventures CEO Shaun Di Gregorio / Photo credit: Frontier Digital Ventures
The online marketplace operator has entered into agreements to acquire 100% interests in Colombia’s real estate marketplace Fincaraiz, Morocco’s general classifieds portal Avito, and Tunisia’s general classifieds portal Tayara.
Around US$40.5 million of the new funds will be used for the acquisitions, while the remaining will go toward general growth capital, transaction costs, and strategic decisions in the future, according to The Market Herald.
Founded in 2014, FDV is an online classifieds business operator, focusing on building and operating property and automotive marketplaces in emerging markets.
It was founded by entrepreneurs Patrick Grove and Shaun Di Gregorio, who were previously the chairman and CEO of iProperty Group (now REA Group), respectively.
FDV provides both financing and mentorship for entrepreneurs in emerging markets after Grove realized that they had little access to capital, mentorship, and case studies.
The company claims to have seen its valuation increase from US$36 million in its IPO in 2016 to over US$360 million currently – an increase of 10x in four years.
Following the new acquisitions, its portfolio will consist of interests in 15 online marketplace businesses in 20 markets across Latin America, Africa, and Asia.
Editing by Collin Furtado and Jaclyn Teng
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