Singapore Telecommunications has bought a 35.5% stake in Singapore-based gaming company TheMobileGamer for about S$1.8m.
It was joined as a backer by Japan-based Softbank Corporation.
Singtel also secured a conditional share subscription agreement to subscribe for an additional 11,481,056 Series B preferred shares at S$0.107 per share. Softbank and SingTel will hold an aggregate interest in TMG of approximately 41.08% each;
Singtel added the issued and paid-up capital of the preferred shares in TMG will increase from S$794,706.00 to S$3,251,651.98 and the issued and paid-up capital of the ordinary shares in SingTel Idea Factory will increase from S$3,464,600 to S$6,784,600 via the allotment and issue of 3,32 million ordinary shares at S$1 per share to SingTel.
In 2010, the startup raised USD 500k in funding from Innosight Ventures, according to news provider SG Entrerpreneurs. One97MobilityFund, corporate venturing backed by India-based One97, invested a further $1M in second round funding.