Singapore fibre broadband operator MyRepublic has secured a S$70 million investment from private equity firm Makara Capital, through the company’s S$1 billion private equity fund, Makara Innovation Fund (MIF).
The funding will be used to accelerate MyRepublic’s expansion across Southeast Asia, the company said today (Nov 22).
MyRepublic already has presence in the markets of Singapore, Indonesia, Australia, and New Zealand.
This is the first confirmed funding for the company’s Series C funding, which according to The Business Times, originally had a S$100 million fund-raising target.
IP ValueLab, a strategic partner, had advised MIF on its investment decision.
A wholly owned subsidiary and the enterprise engagement arm of the Intellectual Property Office of Singapore (IPOS), the management consultancy service provider also recommended business strategies to increase the commercial value of MyRepublic’s intangible assets.
“We have been developing our proprietary cloud platform for the past five years, which has enabled us to deploy a single operational platform across countries and break industry records by turning EBITDA-positive within two years of entering each new market,” Malcolm Rodrigues, CEO of MyRepublic, said.
“The investment will supercharge the platform’s development, support our aggressive growth path to expand our regional footprint within a record-breaking timeframe and deliver an even wider range of services,” he added.
He also said that MyRepublic is working with MIF to implement “recommended IP monetisation strategies in view of further value creation for our investors”.