Singapore-based daily deals service Ensogo has followed an investment by e-commerce company VIPShop with a $7.6m share issue to hedge fund Ward Ferry Management, the Australian reported today.
Ward Ferry was issued 58.8 million shares equating to a 10.6% stake in Ensogo, which is listed on the Australian Stock Exchange.
The cash injection comes a week after VIPShop invested $5m in Ensogo, taking a 12.2% stake as part of a larger strategic partnership that covers inventory, logistics, merchandising, marketing, technology and user acquisition.
Ensogo currently operates in Singapore (as Deal.com.sg), Hong Kong (as Beecrazy), Thailand, Malaysia, the Philippines and Indonesia. It was originally acquired by US-based daily deals website LivingSocial in 2011.
The company will use the investment to support marketing efforts, and to further ramp up customer acquisition.