Singtel Innov8 funds group buying platform company Dealised
July 6, 2011 by Terence LEE
Singtel Innov8, the venture capital arm of Singapore’s largest telecomms company, is participating in a US$6.5 million (S$7.97 million) Series A investment in Dealised, an Australia-based company that provides a group buying platform solution to third-party websites. Australian VC firm Yuuwa Capital is also involved in this round of funding.
Dealised was founded in late 2009 to support Spreets, an Australian daily deals site. Their other clients include SweetDeal in Denmark and Telegraph Selected in the United Kingdom. Their group-buying platform is a white-label product, meaning it allows other companies to rebrand their technology and integrate it within their own websites. They also have support for mobile deals and merchant administration.
The company also said that their regional Asian headquarters in Singapore will be used to push global business expansion and generate mobile group-buying innovations.
Company: SingTel Innov8
SingTel Innov8, the venture capital subsidiary of SingTel, manages a fund size of USD158M. It invests in technologies in the fields of network capabilities, next generation devices, digital content services, and customer service enhancers.
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Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.
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