Singtel Innov8 makes its first investment
Innov8 funds Singapore-based mobile publishing platform
Singapore, 10 January 2011 – Singtel Innov8 Pte. Ltd. (Innov8) today announced that it has led a Series-A financing in 2359 Media Pte. Ltd. (2359 Media), a Singapore-based company, making this Innov8’s first investment since its launch in September 2010.
Innov8, a wholly-owned subsidiary of the Singtel Group, has invested approximately S$800,000 in the company. 2359 Media was founded in 2009, and is supported by NUS Enterprise Incubator.
The Series-A financing will help 2359 Media accelerate the development of MobDis, its mobile advertisement creation platform that allows marketers and designers to rapidly create engaging mobile advertisements. 2359 Media plans to expand its distribution into the US market within the next quarter.
Innov8 was set up to help the Singtel Group gain early access to new technologies and stay relevant to customers’ needs. In turn, developers and innovators can leverage the scale and reach of the Singtel Group to access 368 million1 mobile customers across Asia and Africa.
Mrs Yvonne Kwek, CEO of Innov8, said: “We are excited to support the local ecosystem of developers and innovators. We have also been encouraged by the level of interest and promising ideas we have received so far, not only from Singapore, but from around the world including China and the US.”