5th July 2011. Sydney technology incubator Pollenizer has announced that one of its businesses, Dealised, has received A$5.3m From Singtel Innov8 and Yuuwa for its Dealised group buying platform. Dealised was brought to prominence when Spreets, a group buying business it is based on, was acquired by Yahoo!7 for A$40m in January 2011.
Dealised, a group-buying platform solution innovator, has received A$5 million in its Series A funding to accelerate the global roll-out of its solution platform. Led by SingTel Innov8, the SingTel Group’s corporate venture capital fund, the round also included Yuuwa Capital LP, a Perth-based early stage venture capital firm.
Asia. Dealised is the first to offer this group-buying platform solution in Asia. Dealised will use its regional Asian headquarters in Singapore to drive global business expansion and develop mobile group-buying solutions.
Europe. Dealised is already working with several UK-based customers, including The Daily Telegraph, as well as leading media owners Mecom in Scandinavia and with customers in Australia/New Zealand, the Middle East and the US. Companies, including media firms, mobile operators, retailers and others, use Dealised’s technology and services platform to create and manage their own deals.
Dealised also announced the appointment of veteran telecommunications executive, Jonathan Marchbank as Chief Executive Officer. Mr Marchbank has worked in the US and Asia for the past 20 years, with both mobile operators and device manufacturers.
“Dealised partners in Australia and Scandinavia have already beaten Groupon and Living Social; our partners now dominate their respective market. With our platform, partners quickly create and manage regular offers for their customers, maintaining revenue and relationships at risk from Groupon-like clones. We are busy repeating that successful formula in other markets,” noted Mr Marchbank.
Mrs Yvonne Kwek, CEO of SingTel Innov8 said, “Dealised’s platform and market knowledge offers publishers, media companies and telco companies the opportunity to generate better value for their customers through innovative group-buying services.”
“The most exciting trend is in mobile, especially in Asia, and we see the volume of group-buying transactions on smartphones and other mobile devices growing exponentially over the next couple of years. Our operations in Singapore, as the business hub for Asia, are where we will focus on mobile growth,” concluded Mr Marchbank.
Dealised is one of the earliest entrants into what is a very young industry. It was created in late 2009 to power Spreets, an Australian deals site, which quickly became a market leader. Spreets was acquired by Yahoo7! in Australia in 2010 for A$40 million.
Other Dealised investors include Sydney start-up incubator, Pollenizer and a select number of angel investors. These investors bring a great depth of managerial experience, with backgrounds in digital media, e-commerce and mobile. The company will use the A$5 million from this fundraising to grow its base in Asia and in Europe, and to develop mobile group-buying solutions.
Dealised is an Australian-based company offering a group-buying technology services platform. Dealised partners – media, telecommunication firms, retailers and others – use the platform to diversify and increase revenue, and strengthen customer relationships.
The business and platform began in Australia in 2009, powering a business called Spreets, now Australia’s leading group-buying player. In 2010 Yahoo bought Spreets exclusively for their Australia and New Zealand business (Yahoo7). The company’s technology and expertise was retained and is now offered as a Dealised package to companies around the world. Dealised is powering millions of dollars in deals each month in 15 countries and in over 100 cities.
The team behind Dealised are pioneers in the group-buying and social commerce industry globally, with backgrounds in digital media, e-commerce and mobile. Investors include Sydney start-up incubator Pollenizer, SingTel Innov8, a wholly owned subsidiary of the SingTel Group and Yuuwa Capital based in Perth, Western Australia, as well as individual investors.
About SingTel Innov8
SingTel Innov8, a wholly-owned subsidiary of the SingTel Group, is a corporate venture capital fund, with its own set of decision making, approval and funding processes. It has an initial fund size of S$200 million. SingTel Innov8 focuses its investments on technologies and solutions that lead to quantum changes in network capabilities, next generation devices, digital content services and enablers to enhance customer experience. It works closely with the ecosystem of leading innovators, developers, government agencies, R&D and capital providers to bring cutting-edge technologies and solutions to the various markets the SingTel Group operates in.
About Yuuwa Capital LP
Yuuwa Capital LP is a $40 million early-stage venture capital firm based in Perth, Australia. Yuuwa Capital is supported by the Australian Government through the IIF program, and private investors. Yuuwa seeks to invest in businesses where it can provide both capital and expertise to help founders, management and early investors turn good ideas into great companies.