MDI leads funding round for Singapore's Red Dot
Metra Digital Innovation Ventures (MDI), the corporate venture arm of state-controlled telecommunications firm Telkom Indonesia, has led a funding round for Singapore-based online payment solutions provider Red Dot Payment.
Financial details of the investment were not disclosed, but a Tech In Asia story reposted by MDI reported the round was at least $1 million. Existing investors GMO Venture Partners and Wavemaker Partners also participated, along with Skype co-founder Toivo Annus.
Red Dot provides end-to-end payment solutions for e-commerce businesses in Southeast Asia. It aims to differentiate itself from competitors by creating tools for specific industries, rather than following a one-size-fits-all approach; its areas of focus include hotels, insurance providers and charities.
The company will use the newly provided capital for further regional expansion; currently it operates in Singapore, Thailand and Indonesia. Red Dot's Series A round in 2014 saw GMO and Wavemaker contribute an undisclosed amount. Its competitors include Singapore-based 2C2P, which has offices in eight countries including Thailand, and which raised a $7 million Series C round last year in which GMO participated with Amun Capital.
Telkom provides IT and e-commerce services, in addition to online payment and cloud server solutions. Earlier this year it announced a partnership with Australia's Telstra Ventures to pursue VC investment opportunities in Southeast Asia, with Telkom to invest via MDI. The partnership followed a 2014 pledge to commit $200 million to early-stage technology companies operating in Indonesia.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.