Telco tech player MyRepublic has secured a SG$70 million investment from Makara Innovation Fund (MIF), a SG$1 billion private equity fund focused on taking IP-strong businesses global.
According to Malcolm Rodrigues (pictured), CEO of MyRepublic, the investment will “supercharge” the development of its proprietary cloud platform and support its regional expansion plans. It will also help scale up its product and service offering. MyRepublic currently operates in Singapore, Indonesia, Australia, and New Zealand.
The news also comes amid news that MyRepublic has signed a deal to buy airtime in bulk from one of the local telcos. According to The Straits Times, this includes Singtel, StarHub and M1, but Rodrigues would not confirm talk that the telco is StarHub. Marketing has reached out to MyRepublic for comment.
In addition to the funding, the investment was also supported by IP ValueLab’s evaluation of MyRepublic’s intellectual property (IP) portfolio. IP ValueLab is a wholly owned subsidiary and the enterprise engagement arm of the Intellectual Property Office of Singapore. Moving forward, both MIF and IP ValueLab will help the company implement IP monetisation and commercialisation strategies in a bid to boost enterprise value.
“MyRepublic's unique lean operating model positions it at the vanguard of the telecommunications sector’s digital transformation in one of the most exciting growth regions of the world. The fund’s investment capital aims to enable the company’s growth ambitions, with a focus on IP management and monetisation, scaling and expansion,” Kelvin Tan, director of investments at Makara Capital, said.
“Homegrown TelcoTech player, MyRepublic clearly appreciates the importance of IP, having built a strong business model around a robust suite of intangible assets and IP, reinforcing their competitive edge with strong brand equity, technical know-how, substantial data assets and scalable digital platforms,” Shau En Tan, executive director of IP ValueLab, said.
This is not the first time MyRepublic revealed plans for regional expansion. In July this year, the company revealed plans to raise SG$100million, around 13.3% of which will go into marketing spend. About SG$60million of the funds raised will go into its Indonesia expansion, and SG$40million into customer acquisition, which marketing falls under. Currently the company spends about 5% of its total revenue on marketing spend, and has an annualised revenue of SG$110million across the group.