Digital Classifieds Group, or DCG, based out of Australia, is a quickly growing online classifies business. Focusing on Australian built technology, it hols operations in Cambodia, Laos, Papua New Guinea, and Fiji. The online platform recently received a huge equity investment of AUD $2.25 million from Belt Road Management (BRCM), a private equity firm.
Melbourne based DCG CEO Mathew Care said the company’s major investments in its technology and core human resources had seen increased investor interest in recent funding rounds and the investment will support their growth ambitions into Southeast Asia.
“We are presently reviewing a range of expansion opportunities, particularly in Southeast Asia, where we have seen a tremendous surge in internet penetration and rapid urbanization. We believe that our experience, platforms and committed expatriate and local teams are capable of tackling almost any new opportunities – and this additional capital and partnership gives DCG the ability to do this,” Mr Care said.
“When we first commenced the business we undervalued the importance of our platform and bootstrapped every part of the business. With the benefit of hindsight, we have spent over 18 months developing a world-class platform, based on proven Australian real estate portal technology, which is now delivering outstanding results.”
Mr. Care said the initial approach from BRCM was unsolicited. “We have had a long association with Alex Odom, the Chief Investment Officer at Belt Road Capital Management, and we were flattered when he approached us about investing in our business,” he said.
Mr. Odom said he believed DCG had a strong future in both the Cambodian market and internationally.
“I’m excited that BRCM will now be a part of this journey,’’ he said. “ Having seen the swift growth of DCG’s business in Cambodia, and a high level of professionalism across their local and international operations, I was more than confident to introduce the opportunity to the equity partners of Belt Road.’’
Mr. Care said the additional funding was highly strategic, given BRCM’s unique focus on countries exposed to China’s One Belt One Road Initiative, particularly Mekong-based countries such as Cambodia, Laos, Vietnam, Myanmar, and Thailand.
“The One Belt One Road Initiative has started in the Pacific and extended into Southeast Asia and the greater globe – which follows the trajectory of DCG’s history thus far. Alex and the team at BRCM have deep experience in our current markets, plus excellent connections into mainland China. Such expertise is both rare and invaluable to DCG moving forward,” Mr. Care said.
“DCG does not have immediate plans to IPO. We are currently focusing on growing the business, with an emphasis on leadership in our current markets and expansion to new markets,” commented Tim White, the DCG Director and a former CEO of Allhomes.com.au. Allhomes.com.au is owned by Domain Holdings Australia Limited (ASX:DHG), Australia’s second-ranked property listings business behind REA Group.
SOURCE Digital Classifieds Group
Edited by Victoria Haviland
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