It's understood that the 60:40 joint-venture, which will be called Id8on, will target Singapore-based startups and neighbouring markets such as Malaysia, Cambodia, Hong Kong and Indonesia.
It is also said to be targeting the Singapore government agencies, which fuel a large amount of marketing and advertising spend. The name of the venture capital firm and the amount it put in is undisclosed.
Press reports quoted Jade Magnet co-founder Manik Kinra saying that the amount the venture capital firm has invested is “more or less similar to the amount” it had raised for the Qatar joint venture last month.
Last month Jade Magnet made its foray into West Asian market, through a joint-venture in Qatar called Mixilion. It had raised US$300,000 in angel funding from a group of local investors.
The company expects to generate US$1 million in revenues from the Southeast Asia region over the next 12 months.
Founded in 2009 by Kinra and Sitashwa Srivastava, the platform has since hosted about 2,000 projects, with about 6100 designers across 18 creative skill-sets.
