Frontier Digital Ventures (FDV), an investment firm headquartered in Kuala Lumpur, Malaysia, has raised US$22.9 million via an IPO on the Australian Stock Exchange (ASX).
The company issued 60 million shares in the oversubscribed IPO and has now begun trading under the symbol “FDV”.
“Today marks an exciting and important milestone for Frontier, and we are thrilled to be making our public debut on the Australian Securities Exchange,” said Shaun Di Gregorio, founder and CEO, Frontier Digital Ventures.
The firm will use the fresh funds to invest in startups from emerging markets, which includes Africa.
Founded in May 2014, Frontier Digital Ventures is focused on becoming the world leader in online classifieds businesses in frontier and emerging markets.
The company currently has a portfolio of 15 online classified companies for property, cars and general classifieds.
This includes African startups such as Angola’s AngoCasa.com
Ghana’s meQasa, Morocco’s Moteur.ma, Cameroon’s Afribaba, Mozambique’s PropertyMaputo and CasaMozambique.co.mz, DR Congo’s IMCongo.com and Tanzania’s Kupatana.
“I’m excited to capitalise on the incredible opportunity before us, using the investment support we’ve gained to expand our reach and accelerate the growth and leadership position of our operating companies,” Di Gregorio said.
He added, “I look forward as we take a large step towards achieving our goal of becoming the leading operator of online classifieds businesses in underdeveloped, emerging markets.”