Singapore-based enterprise tech company VE Technology Group has raised S$30 million ($22 million), in a new funding round led by alternative investments think-tank Mox Capital, according to an announcement.
The company plans to utilise the fresh investments to expand into neighbouring SE Asian markets as part of its preparations for an upcoming IPO listing in 2024.
Established in 2019, VE Technology Group operates a unified ecosystem of business-to-business (B2B)-enabling enterprises and digital solutions. The firm has acquired 15 subsidiaries focusing on end-to-end business solutions across various segments such as artificial intelligence [AI], Internet of Things (IoT), cybersecurity, robotics, software development, and business consultancy. Its portfolio companies include the likes of Corsiva Lab, Web Imp, and Sellstream.
“B2B software-as-a-service (SaaS) holds tremendous potential, especially in SE Asia. Therefore, the fundraising round represents more than just capital,” said Loh June Yong, CEO of VE Technology Group, in a statement.
“It embodies our investors’ trust in our vision to empower the next generation of small-and-midsize businesses (SMBs), connected in what will become the region’s largest Web 2.5 technology ecosystem of high-potential digital solutions,” said Yong.
The company also offers support to SMBs on sales and marketing, operations, technology, and financial management. The firm is navigating the intersection of traditional enterprise solutions and emerging Web 2.5 trends, which is in line with Mox Capital’s work in the region.
“Mox Capital’s decision to back VE Technology Group comes from a common goal of growing Southeast Asia’s tech potential to the fullest,” said Giang Nguyen Dinh, Founding Partner of Mox Capital.
VE Technology Group said it has shown 100% year-over-year growth since its founding year. The company is led by a team of executives and advisors, who have collectively served industry giants such as EA Sports, Discovery Channel, HP, DBS, Singtel, and T&T, among others.