From the filings, it looks like the investment will mainly be used to accelerate development work on MobDis, a publishing platform that makes creating mobile ads easier.
The rumors about Innov8’s investment had been swirling for sometime — and we actually heard it quite frequently because 2359 Media has an office right across the corridor from us at the National University of Singapore’s Enterprise Incubator.
2359 Media was initially funded by a mix of the two founders’ personal funds and a SGD50,000 (around US$38,000) Singapore government grant called the Young Entrepreneur’s Scheme for Startups (or YES! Startups, if you must). The company then got rent-free space at the university’s incubator. The founders, Wong Hong Ting and Zhou Wenhan, are both alumni of the university.
We’ll get a much more detailed picture of the deal from both 2350 and Innov8 soon. Meanwhile, heres’s the press release from SingTel, and the SGX announcement handily pasted below.
You might also want to check out our interview with SingTel Innov8 days after the fund was announced.
SINGAPORE TELECOMMUNICATIONS LIMITED
ANNOUNCEMENT PURSUANT TO CLAUSE 704(15) OF THE SGX LISTING MANUAL
ACQUISITION OF SHARES IN 2359 MEDIA PTE. LTD.
Singapore Telecommunications Limited (“SingTel”) wishes to announce that its wholly owned subsidiary, SingTel Innov8 Pte Ltd (“SingTel Innov8”), has acquired a 28.57 per cent stake in 2359 Media Pte. Ltd. (“2359 Media”), for an aggregate cash consideration of S$800,006.40.
The consideration was arrived at on a willing buyer-willing seller basis, based on, inter alia, an assessment of 2359 Media’s business projections.
As at 30 November 2010, the unaudited net asset value per share of 2359 Media was approximately S$3.50.
2359 Media is a Singapore-based mobile marketing provider whose core product offering is MobDis, a HTML5-based mobile advertisement creation platform that allows marketers and designers to rapidly create, publish and share engaging mobile advertisements.
By Order of the Board
Chan Su Shan (Ms)
Dated: 10 January 2011