PETALING JAYA: Independent technology news portal Digital News Asia Sdn Bhd (DNA) has secured RM1 million in seed funding from IdeaRiverRun Sdn Bhd (IRR), a private equity fund owned by businessman Tan Sri Vincent Lee.
In a statement yesterday, DNA said the fund from IRR will be utilised for expansion in Southeast Asia, expanding its team and developing new products.
“It expanded to Singapore last month, and will be looking at expanding into Indonesia in the next few months, and beyond that, into Thailand and the Philippines,” it added.
IRR will become one of the major shareholders of DNA after acquiring a substantial stake in the company.
DNA’s founder and chief executive officer Karamjit Singh will remain the largest single shareholder. He said one of the reasons such a deal materialised was that Lee agreed for DNA to retain its editorial independence.
He added that IRR has some companies that could add value to DNA.
Lee said he views DNA as a “good strategic partner” for IRR, adding that both companies will make a good match.
This article first appeared in The Edge Financial Daily, on November 11, 2014.