KUALA LUMPUR: Cradle Fund Sdn Bhd’s unit, Cradle Seed Ventures Pte Ltd (CSV), has invested millions of US dollars into Involve Asia Technologies Sdn Bhd (IAT), an e-commerce marketing platform.
CSV chief executive officer Aziz Hussein said this was CSV’s first investment following its launch in June this year.
“The investment injected into IAT involves millions of US dollars and following this, CSV will hold a 20 per cent stake in IAT,” Aziz told a press conference in Kuala Lumpur on Monday.
He, however, declined to reveal the amount.
Earlier, Aziz said CSV was impressed with IAT’s strategic focus and momentum since it start operations last year and the injection of funds would greatly assist it.
Meanwhile, IAT CEO/co-founder, Jimmy How Chia Kang How, said the investment would be used to expand its operations across South-East Asia.
“The funds will be used for our technology development and developing partnerships throughout the region.
“In early October this year, we have opened our office in Indonesia and have many strategic partners there.
“We will also explore the organic rich-Thailand soon,” he said.
To-date, IAT has over 80 online merchants and over 1,000 publishers in its network in Malaysia, Singapore and Indonesia.
In addition to CSV, IAT had earlier secured another undisclosed investment from 500 Startups, a Silicon Valley-based venture firm. – Bernama