28/2/2019 – The new player announced its soft launch back in June 2018 aiming to promote and finance local startups, and small and medium enterprises. WorldBridge Group’s founding chairman Oknha Rithy Sear contributed US$5M to help accelerate the firm during its infancy stage.
The firm will be mainly working with startups in the technology field including mobile technology, electronic commerce, financial technology, educational technology etc. They are looking to provide funding between US$5K to US$10K for brand new startups and around US$25K for startups that are capable of showcasing at least one viable product.
Today, a spokesperson from the fund has enclosed to DealsStreetAsia that they have further secured additional LPs and closed the fund at US$55M.
Ooctane has big plans for the Cambodian market, the firm is looking to be a game changer in the Kingdom and contributes to propelling it towards a digital future. The spokesperson further enclosed that they are in “advanced discussions and performing due diligence” to close its first deal with a number of companies.
“In the private sector, we are also seeing big companies in Cambodia taking an active interest in the startup ecosystem by launching their own corporate venture capital arms and/or starting startup incubator programs,” said the Ooctane spokesperson.
Backed by one of the biggest players in the Cambodian logistic industry, WorldBridge Group, Ooctane will be a strong hand in the Kingdom’s growing startup community.
WorldBridge Group was founded as a delivery service in the 1990s by Sears before expanding into import-export and outsourcing services. The group was the first logistics company in Cambodia that serves the United Nations, United States Embassy and international organizations such as UNDP, WFP and WHO.
It currently boasts more than 3 thousand employees across Southeast Asian countries including Vietnam, Laos, Thailand and Myanmar with more than 200 multinational customers in their profile.
The venture capital and private equity investment landscape in Southeast Asia is steadily growing as more and more new investors pour into the region. The Cambodian market saw Belt Road Capital Management, Telecom firm Smart Axiata, and Emerging Markets Investment Advisers among other players contributing to the local growth.
This news is published on Reuters.