Thailand-based digital media firm and incubator Ardent Capital, which is backed by corporate venturing units Siemer Ventures, Recruit Strategic Partners and GMO Venture Partners, has raised $12.5m from Indonesia-based conglomerate Sinar Mas, e27 has reported.
Ardent Capital invests in start-ups and also builds businesses based on its Labs model, which involves partnering entrepreneurs with promising e-commerce ideas.
The new capital will be used to continue to expand the firm’s Labs model across Southeast Asia, investing in e-commerce projects. Indonesia is set to be its first foreign market.
In 2013 Ardent raised its first external funding, an undisclosed amount from the corporate venturing subsidiaries of consultancy firm Siemer & Associates, GMO Internet Group and human resources firm Recruit.