Malaysia’s Frontier Digital Ventures Invests In Congo’s Carwangu.com
Kuala Lumpur-based investment firm Frontier Digital Ventures has invested undisclosed amount in a Democratic Republic of Congo used automotive car portal, Deal Street Asia reported on Tuesday.
This is the sixth investment in African by the Catcha Group investment unit that focuses on frontier markets in the last three months.
It invested in propertymaputo.com, a Mozambican online classified property site, in June and kupatana.com, a Tanzanian classified site, in July.
It has also invested in Morroco’s automotive portal Moteur.ma, Ghana’s property listing site MeQasa and Francophone firm Afribaba Holdings that operates in Senegal, Cameroon and Ivory Coast.
An executive familiar with Frontier Digital’s investments told Deal Street Asia that the firm usually invest between $500,000 to $5 million.
“As of now, FDV has completed 12 deals in the past 12 months, which is quite a good record,” the executive said, adding that the investment firm was targeting 20 deals by June 2016 and 25 by 2017.
“Africa has about 10 to 12 really good markets, then when you look at the next level, like tier-2 markets, there are also opportunities there. There are also emerging markets like Nigeria, Kenya, Tanzania and Ghana but a large number of African markets are in the early stages,” the executive said.
Frontier Digital, has been on an investment spree this year investing undisclosed amounts in Panama’s Encuebtre24.com, Pakistan’s PakWheels,con and Myanmar’s MyanmarCarsDB.com and iMyanmarHouse.com.
“We will see if we can hit 25 (investments) in Year 3, we will see if it makes sense. So far we are on track, we are not too fixated on the number of deals; it has to be the right opportunities at the right time,” Shaun Di Gregorio, chief executive at Frontier Digital Ventures, told Deal Street Asia. Source: AFK Insider