Singapore-based broadband service provider MyRepbulic has raised S$30m (US$24.1m) in funding, with S$20m (US$18m) coming from Sunshine Network, the telecommunications subsidiary of conglomerate Sinar Mas, Channel News Asia has reported.
The other S$10m (US$8m) came from Xavier Niel, the founder of French telecommunications company Free.
In May, energy company Dian Swastatika Sentosa, also a part of Sinar Mas, invested US$3.5m in MyRepublic in return for a 5.9% stake.
The latest funding came a month after MyRepublic submitted a proposal with the telecommunications regulatory body of Singapore to become the country’s fourth mobile network operator.
Founded in 2012, MyRepublic already operates a broadband network but has estimated it will need S$250m (US$200m) to set up a new mobile network. However, as its application is yet to be approved, the S$30m is expected to go towards its existing business and marketing expenses.
MyRepbulic currently controls around 5% of the Singaporean broadband market and plans to expand its broadband presence to 7% or 8% within the next 3 to 4 years by partnering with three smaller telecommunication firms.