MyRepublic raises US$52M from Makara Innovation Fund to scale its services regionally

Yon Heong Tung
MyRepublic raises US$52M from Makara Innovation Fund to scale its services regionally

Makara Innovation Fund is a US$740 million fund that focusses on sourcing for IP-strong businesses globally

Singapore broadband provider MyRepublic has raised S$70 million (US$52 million) from Makara Innovation Fund (MIF), a S$1 billion (US$718 million) joint venture between the Intellectual Property Office of Singapore (IPOS) and local private equity firm Makara Capital Partners.

MyRepublic will use the newly-raised financing to scale its business regionally and scale its products and services.

Makara’s investment is part of MyRepublic pre-IPO funding round.

Malcolm Rodrigues, CEO of MyRepublic, said the company is on track to raising its targetted S$100 million (US$74 million) — which would value the company at S$615 million (US$454 million), and he expects the round to be oversubscribed, as follow-on investments come on board in the next few months.

With regards to the development of its Mobile Virtual Network Operator (MVNO) telco services, Rodrigues said it is still in the testing phase. He said MyRepublic aims to roll out the MVNO service in four markets, including  Singapore, Indonesia, New Zealand and Australia, sometime next year.

Makara Capital’s investment decision was supported by IP ValueLab, the enterprise engagement arm of IPOS. IP ValueLab had conducted an intangible asset due diligence on MyRepublic as well as recommended business strategies to the company to increase the commercial value of these assets.

“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,” said Kelvin Tan, Director of Investments at Makara Capital, in an official press statement.

 

 

 

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