Chipmaker Intel’s corporate venture capital arm Intel Capital has announced two new deals worth $17 million in South East Asia. These include Hanoi-based Vietnam Communications Corporation (VC Corp), an Internet infrastructure and services company, and Singapore-based ecommerce site Reebonz. The investment breakup for the two deals has not been disclosed.
VC Corp, an arm of Hanoi-based Technocom Corporation, offers services in online search (Baamboo.com), online classifieds (Rongbay.com), social media, advertising and mobile networks. The company earlier raised an undisclosed amount in funding from IDG Ventures Vietnam. Ecommerce site Reebonz was founded in early 2009 by Daniel Lim, Benjamin Han and Samuel Lim. The site hawks luxury goods, such as bags and accessories, at reduced prices to private members. The company expanded its outreach to Korea, Taiwan, Hong Kong, Indonesia, Malaysia and Australia within 12 months of its launch.
“Reebonz and VC Corp are examples of companies that are successful in getting Southeast Asians online because they provide engaging experiences tailored towards the needs and cultural preferences of consumers in the region,” Arvind Sodhani, president of Intel Capital and executive vice president at Intel, said in a press release.
Intel Capital has been investing in the South East Asian region since 1999 and has invested more than $95 million in a dozen technology companies. The venture capitalist has invested more than $10.6 billion globally across 1,200 companies till date. More than 51 per cent of its $526 million worth of investments in 2011 were outside the US and Canada. The firm’s investment activities in South East Asia are led by Sudheer Kuppam and Deepak Natarajan, who steered the Reebonz and VC Corp deals. Kuppam also oversees investments in India, where it is currently investing from a $250 million India-dedicated fund.
Image Courtesy: Intel Capital