MyCube’s Black Ocean strategy
August 10, 2011 by Terence LEE
MyCube, a Singapore-based company that is developing the “world’s first Social Exchange”, has announced on August 8 that Black Ocean, the firm’s key investor, has obtained majority ownership after another round of funding (amount undisclosed).
This means changes to key management. Johan Stael von Holstein, MyCube’s co-founder, has stepped down as CEO but remains on the Board of Directors and as the company’s PR Ambassador. MyCube General Counsel Robert Tobias will become interim CEO while a replacement is sought.
Currently, MyCube is in private beta. It purports to allow users to own, control, and monetize their digital data. They are also four weeks into their Digital Life Academy internship program, where they pay 30 interns from around the world S$2,000 (US$1,647) each to discuss Internet business ideas and work on projects (more on MyCube here).
According to Crunchbase, Black Ocean is a “vertically integrated internet, media and technology holding company that creates, builds and invests into disruptive businesses based on new generation technologies.” With offices in Singapore, Moscow, Luxembourg, London, and New York, the company previously invested US$ 5 million in MyCube in May 2011.
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About The Author
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.Read other posts by Terence LEE