Patrick Grove has done it again. One of the most successful Internet entrepreneurs in the Asean region, he has listed another startup called Frontier Digital Ventures on the Australian Stock Exchange (ASX).
His other listed companies on ASX are online cars portal iCars and e-commerce site Ensogo. Another listed firm, iProperty, was acquired for US$543 million in 2015 by News Corp subsidiary REA Group, turning Mr Grove into one of the most wealthy Internet entrepreneurs in the region.
Frontier Digital, an online classifieds platform, began trading last Friday with the symbol FDV. The company raised A$30 million from 60 million shares at A$0.50 a share, according to a press release. The stock closed on Friday at A$0.51.
Based in Kuala Lumpur, Frontier Digital operates online classifieds businesses in underdeveloped, emerging countries or regions such as Pakistan, Myanmar and Nigeria.
Frontier Digital’s portfolio of 15 operating companies are market leaders in the online car, property or general classifieds sectors in these countries. The classified services are mostly available via mobile phones which are often the first computing device owned by users in these countries.
Grove through his company, Catcha Group, is the largest shareholder and co-founder of Frontier Digital, which is his latest listing on ASX,
Founded in 2014, Frontier Digital’s co-founder Shaun Di Gregorio and Grove have been working together for over six years. Di Gregorio was the chief executive of iProperty before it was sold.
In the press release, Di Gregorio said he was excited by the listing and would use the capital raised to expand Frontier’s reach and growth.
In previous interviews, Grove had told this reporter that the combination of rapid smartphone growth in the undeveloped and emerging markets offered a great business opportunity.
His business model is to look for passionate entrepreneurs in these markets and invest in them. He also provides mentoring to accelerate business growth.
Grove, who began his Internet business in the late 1990s, is reaching for yet another moonshot with iFlix, an on-demand video streaming service targeted at developing countries.
He has signed 150 content deals including with Hollywood studios like Warner Brothers and Paramount. iFlix is now available in Malaysia, the Philippines, Sri Lanka and Indonesia.