Tembusu invests $10m in New Zealand’s CricHQ
Singapore-based GP Tembusu Partners has committed $10 million to New Zealand’s CricHQ, a cricket-focused digital platform used by the sport’s administrative bodies as well as by clubs and fans.
The business, which was founded by CEO Simon Baker, has around 160 existing backers, including 20 high-profile figures from the cricketing world. Stephen Fleming, who led the New Zealand team between 1997 and 2007, is a director of the company, while current national captain Brendon McCullum is an investor.
A total of 41 out of the sport's 106 national governing bodies use CricHQ for administration from club level and upwards. The platform provides combines integrated competition management, live scoring and customer relationship management functions. It also leverages its large databank to provide information for individuals who follow the sport.
Tembsu's capital injection will go towards upgrading the CricHQ platform, developing new features and geographical expansion. Senior appointments are to be announced in India, the UK, South Africa and Pakistan in the coming weeks. Scaling up sales and marketing capabilities in India - the single largest market for cricket, which is said to be the world's second most popular sport - is also a priority.
"Tembusu's investment enables CricHQ to expand significantly and achieve our growth targets. An institutional investment of this significance, and the support of shareholders and clients such as New Zealand Cricket, validates our global business strategy. CricHQ will benefit from Tembusu's experience and network in Asia, and is based in Singapore - the ideal gateway to our key markets," Baker said in a statement.
Tembusu was set up in 2006 and now has S$300 million ($222 million) under management. This is the second investment out of Tembusu Growth GIP Fund III, which has a target size of S$150 million. The first investment, announced earlier this month, was in Singapore-based energy efficiency services start-up Barghest Building Performance (BBP).
The GP invests in growth-stage companies across Asia in sectors such as education, healthcare, technology and resources. It has offices in Beijing, Shanghai, Nanjing and Qingdao, as well as in Singapore.
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