SINGAPORE - Fibre broadband service provider MyRepublic has raised $23 million in funding from a group of investors, including Brunei's largest telco DST Communications, to fuel the former's telco ambitions in Singapore.
The latest injection of funds brings the total amount MyRepublic has received since starting up three years ago to $68 million, and will allow the firm to get going on its expansion plans.
"Our vision is to build a lean and mean operator that can survive with 8 per cent market share in Singapore, so there's a lot to learn from DST's success in a market with just around 70,000 households and 400,000 customers," said Malcolm Rodrigues, CEO of MyRepublic.
DST Communications, the largest investor in the current round, said the investment will boost its expansion plans overseas.
Said Suhaimi Hussain, chief executive officer of DST: "Working closely with MyRepublic grants us exposure to a different market environment and helps us achieve our developmental goals."
Sunshine Network, the telecommunications arm of Indonesian conglomerate Sinar Mas, is the single largest investor and shareholder in MyRepublic. French billionaire Xavier Niel, who also founded mobile and Internet services provider Free in France, is also an investor.