The Malaysia startup is listed on the Australian Stock Exchange and owns 15 online properties across the developing world

Frontier Digital Ventures (FDV), a Malaysian online classified portal listed on the Australian Stock Exchange, announced today it has raised AUS$11.2 million (US$8.4 million) via an Entitlement Offer.

FDV will also release AUS$3.2 in a retail offering that will be open on Thursday, May 31. Because the Entitlement Offer was oversubscribed, FDV expects to fill the order which will bring the total fund raise to AUS$14.4 million (US$10.8 million).

An entitlement offer is a financing strategy whereby the company issues corporate shares at a set price to existing investors. The purchaser then cannot transfer the shares to another party. A retail offering is the traditional buying/selling of shares on a public market.

FDV is able to raise money in this manner because it is a public company.

“The strong demand by the institutional and professional investor community is a clear vote of confidence in the FDV team and our business model,” said Founder and CEO Shaun Di Gregorio in a statement.

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FDV is not a consumer facing brand but rather has gathered under its umbrella a host of classifieds websites. It also is hyper focussed on frontier markets and includes websites that sell cars in Myanmar, property in Pakistan and general classifieds in Panama.

In total, it has an ownership stake in 15 brands across the world.

“Since our IPO, we have established a portfolio of 15 leading online classifieds operating companies and are progressing them towards profitability, with a goal to create and return significant value to our shareholders,” said Di Gregoprio.

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The money will be used to increase its ownership in top-performing properties, accelerate growth amongst its portfolio companies and bring its companies into profitability.

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