SINGAPORE (Nov 22): Broadband provider MyRepublic has secured a $70 million investment from Makara Innovation Fund to accelerate its growth in current markets as well as scale up product and service offerings.

Makara Innovation Fund (MIF) is a $1 billion private equity fund sponsored by financial services company Makara Capital. It was formed in alliance with the Intellectual Property Office of Singapore (IPOS) to further intellectual property management, monetisation and commercialisation.

Kelvin Tan, director of investments, Makara Capital, says the partnership with MyRepublic demonstrates MIF’s enterprise-aligned investment strategy in action.

“MyRepublic's unique lean operating model positions it at the vanguard of the telecommunications sector’s digital transformation in one of the most exciting growth regions of the world. The fund’s investment capital aims to enable the company’s growth ambitions, with a focus on IP management and monetisation, scaling and expansion,” he adds.

MyRepublic’s CEO, Malcolm Rodrigues, says the latest investment round is expected to be oversubscribed and raise over $100 million for the company.

“We expect to close well past $100 million this round. The use of the proceeds will be to grow our consumer business, enterprise business in the four markets (Singapore, Indonesia, Australia, New Zealand) as well as investing in the platforms to drive the capabilities we have,” he comments.

According to Rodrigues, MIF’s investment will allow MyRepublic to triple its business, and will not affect the latter’s listing plans.

Separately, the broadband provider says it has signed a mobile virtual network operator (MVNO) deal with a Singapore telco, and is planning to launch the service next year.

See: MyRepublic clarifies statement on MVNO offers

For now, MyRepublic intends to focus its effort in its current four markets, with plans to expand beyond Southeast Asia in the future.

It targets for expansion into an additional eight markets over the next five years.

“Our goal is really to expand into many different markets over time, our initial focus is Southeast Asia and then we will go beyond. Right now we are focused on the four markets, but we have a number of markets we are looking at in the subsequent expansion rounds, but we are going to take the next few months focused on driving growth and capability on our platform,” says Rodrigues.