VE Technology Group, a Singapore-based enterprise tech ecosystem, has announced a SGD 30 million ($21.9 million) funding round led by alternative investments think-tank Mox Capital.
The firm said in a statement on Wednesday that it will be utilizing this fresh injection of funds to expand into neighboring Southeast Asian markets, in preparation for an upcoming initial public offering (IPO) listing for the group and its subsidiaries in 2024.
The network brings together over 15 acquired subsidiaries that specialise in delivering end-to- end business solutions across artificial intelligence, Internet of Things (IoT), cybersecurity, robotics, software development, and business consultancy.
Its portfolio currently includes the likes of Corsiva Lab, Web Imp, and Sellstream among others.
“The business to business (B2B) software-as-a-service (SaaS) is currently the fastest growing market in the world, especially in Southeast Asia,” said Loh June Yong, Chief Executive Officer of VE Technology.
“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,” he added.
In line with their goal of powering SMBs with localized and adaptable solutions, the group also offers dedicated support in sales and marketing, operations, technology, and financial management.
Additionally, subsidiaries are further connected to a shared pool of customers, resources, and cross-industry expertise, enabling them to superscale their businesses and grow more quickly.
“Mox Capital’s decision to back VE Technology Group comes from a common goal of growing Southeast Asia’s tech potential to the fullest,
“We have confidence in [Loh] June Yong’s leadership as they embark on a journey of innovation that not only positively enables SMBs, but also one that is instrumental to Singapore and Southeast Asia’s larger economic growth,” said Giang Nguyen Dinh, Founding Partner of Mox Capital.
It is noted that VE Technology has demonstrated a strong track record of more than 100 percent year-over-year growth
since its founding year.
The group is led by a team of established executives and advisors, who have collectively served industry giants such as EA Sports, Discovery Channel, HP, DBS, Singtel, and T&T, among others.