SingTel unit leads local series A
Singapore Telecom's recently launched venture capital unit, SingTel Innov8, has made its first investment, leading the Series A financing of locally grown 2359 Media. Innov8 invested approximately S$800,000 in the mobile advertisement platform creator, which already has support from the National University of Singapore's Enterprise Incubator.
The Series-A financing will help 2359 Media accelerate the development of its MobDis platform that allows marketers and designers to rapidly create engaging mobile advertisements. 2359 Media plans to expand its distribution into the US market within the next quarter.
Established in September 2010, Innov8 was set up to help the SingTel Group gain early access to new technologies, and in turn, help investees leverage the scale and reach of the SingTel Group to access 368 million mobile customers across Asia and Africa. Innov8 currently manages approximately $150 million in capital committed by its parent.
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