25 Sep '12, 1pm

SingTel invests S$1.8M for a 35.54% stake in TheMobileGamer

SingTel is acquiring a stake in TheMobileGamer, which develops games for feature-phones. SingTel has just announced that the company is acquiring a 35.54% stake in TheMobileGamer (TMG) for S$1.8 million, as reported by SGEntrepreneurs . The acquisition will be done through Singtel subsidiary the Singtel Idea Factory. A simple calculation will value the company at approximately S$5 million. Other than that, SingTel also said that Japanese Telco SoftBank will also acquire shares in TMG with the same terms. TMG is a Singapore-based startup that builds mobile games for feature phones. In 2010, the company managed to raise US$500,000 in funding from Innosight Ventures . Following that, One97MobilityFund also came in with a US$1 million second round funding. With the funding from Innosight Ventures, TMG took in Pete Bonee from Innosight Ventures and Jeffrey Paine from Founder In...

Full article: http://e27.sg/2012/09/25/singtel-invests-usd1-8m-for-stak...

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