Crystal Horse Investments (CHI), a Singapore-based technology incubator today announced that it has just exited from Gilcrux Holdings, parent company of Dropmysite, ApexPeak and EatAds. The exit also sees CHI reaping 10 times the initial sum invested.
Earlier this year, CHI made two exits in Malaysia, namely Ibilik, a short term accommodation rental platform, and Propwall, a property search website. Based in Singapore, Gilcrux Holdings first met CHI in a reality television show produced by Channel News Asia, Angels Gate. In 2011, founder John Fearon got on the show to raise funds for Dropmysite, a cloud-based product that backs emails and websites.
The angel investors present on the reality television show agreed to invest some S$250,000 (US$201,000) for a 33 percent stake at a S$500,000 valuation (US$402,000). CHI, the main fund supporting the show, then made close to a S$500,000 (US$402,000) investment in a combination of Gilcrux, Dropmysite and EatAds.
Chun Dong Chau, partner at CHI, said that they are still major shareholders in subsidiaries of Gilcrux even though they have cleared out their shares in the company. These subsidiaries include Dropmysite, EatAds, and Kluje. At the moment, there are 10 subsidiaries under Gilcrux Holdings.
While Gilcrux cannot disclose who the new investor is, Peter Yu, the publicist from Gilcrux, revealed that CHI has made a sizeable seven-digit sum, which is 10 times of their initial investment. He added that there will not be a change in terms of management given that CHI was “always only an investor.”
Fearon added, “I really appreciate the assistance that Crystal Horse Investments provided. As the principal investors, they were very helpful and I look forward to their continued support in the other companies we are building.”