Phnom Penh – Mekong based private equity firm Belt Road Capital Management (BRCM) has made its first ever investment of AUD $2.25 million (USD $1.8 million) into Digital Classifieds Group (DCG), the online classifieds group behind Cambodia’s leading real estate website Realestate.com.kh.
The recent investment from BRCM marks one of the largest tech investments in Cambodia history, with much of the funds earmarked for rapid growth in Cambodia and related Southeast Asian markets.
“The company has made major investments in its technology and core human resources, which have increased the interest of investors in recent funding rounds. When we first commenced the business we undervalued the importance of our platform and bootstrapped every part of the business,” said Mathew Care, CEO of DCG. “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.”
Care added: “We are presently reviewing a range of expansion opportunities, particularly in Cambodia, where we have seen a tremendous surge in internet penetration and rapid urbanisation. We believe that our experience, platforms and committed expatriate and local teams are capable of tackling almost any new opportunities – and this additional capital gives DCG and Realestate.com.kh the ability to take on a much larger share of the Cambodian and Southeast Asian online marketplace.”
“Having seen the swift growth of Realestate.com.kh, and a high level of professionalism across DCG’s local and international operations, I was more than confident to introduce the opportunity to the equity partners of BRCM. I believe this company has a strong future in both the Cambodian market and internationally, and I’m excited that BRCM will now be a part of this journey,” said Alex Odom, Chief Investment Officer of BRCM.
“We’ve previously worked with Alex Odom, the Chief Investment Officer at BRCM, and have always respected his expertise. Whilst we weren’t actively seeking funding at the time, we believe Alex and his team will bring a level of experience market knowledge to DCG that is invaluable,” said Tom O’Sullivan, CEO of Realestate.com.kh.
O’Sullivan added the additional funding will fuel growth in DCG’s existing market, including swift expansion into additional business verticals within Cambodia. The funding is also highly strategic given BRCM’s unique focus on countries exposed to China’s ‘One Belt, One Road’ policy, particularly Mekong based countries such as Cambodia, Laos, Vietnam, Myanmar and Thailand.
“DCG is prioritising Cambodia and greater Southeast Asia for investment and expansion,” noted O’Sullivan. “Given BRCM’s deep experience in Cambodia and related ‘Belt Road’ markets such as Myanmar and Laos, we are excited about the benefits that their knowledge and connections will bring.”