e27, a Singapore based media company, has raised $2.2 million in Series A round, led by TechTemple Group. The round also saw participation from Linear Venture, Convergence Ventures, Venturecraft and Spacemob. Douglas Khoo and Turochas Fuad also poured in money.
With the new round of funding, the company is now looking to redevelop its tech-focused news website and events business. It drives digital entrepreneurship in the Southeast Asia region through its platform where it connects all from the ecosystem.
Founded in 2007 by Mohan Belani and JitSiong Thaddeus Koh, the platform aims to empower entrepreneurs with the tools needed to build and grow their companies. It provides entrepreneurs with tools such as information, talent, customers, and a fundraising platform.
Commenting on the newly raised funds, Mohan Belani said,
We see a very very strong opportunity in working with the investors in China, because the Chinese ecosystem is far ahead of Southeast Asia‘s, and there are entrepreneurs and investors that have gone through the Southeast Asian path and built an amazing ecosystem. The funds will also help us to invest in our online platform, and to invest in amazing people that share our same mission and vision. And more importantly, through combining the Chinese and Southeast Asian ecosystems, learning from some of the best entrepreneurs and investors in the world, we strongly believe that we can contribute to the growth of Southeast Asia, and the building of the Southeast Asian tech ecosystem, which is what we have always wanted to do since the founding of this company.
Last year, the company raised $650,000. After that, it went through a rough time and laid-off almost half of its team in restructuring move.
The company is also looking for opportunities, partnerships, and ways to participate in the Indian tech ecosystem.
The biggest rival to e27 is Tech In Asia, in terms of editorial and the events business. Tech In Asia has raised nearly $7 million to date, and has more than 70 staff working on its business.