MyRepublic, a Singapore-based internet service provider backed by conglomerate Sinar Mas, has raised $60m in a series C extension that brought the round’s total to approximately $112m, Tech in Asia reported yesterday.
The additional funding was provided by CLSA Capital Partners, the investment unit of capital markets group CLSA, and family office Kamet Capital Partners.
The company previously raised an initial $51.8m in series C funding from private equity firm Makara Capital, through its Makara Innovation Fund, in November 2017.
Founded in 2011, MyRepublic started out by offering internet services including fibre broadband with a speed of up to 1Gbps to consumers and businesses across Singapore, Australia, New Zealand and Indonesia.
The company’s product offering has since been expanded to include a mobile virtual network in collaboration with Singapore-based telecoms firm Starhub, which is due to launch to the general public in the near future.
The money will drive further regional expansion as the company gears up for an initial public offering in Hong Kong in the next 18 months to two years. MyRepublic had originally set itself a deadline to go public by the end of 2018.
MyRepublic will also some of the cash to continue development of its cloud platform called TelcoTech, which automates the company’s services and operations.
Sunshine Network, a telecoms subsidiary of Sinar Mas, led a $24.1m series A round in July 2014, with participation from individual investor Xavier Niel.
Sinar Mas-owned energy company Dian Swastatika Sentosa had supplied $3.5m in MyRepublic two months earlier, before telecoms firm DST Communications took part in a $16m series B round in 2015 alongside a range of unnamed investors.