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Tribalweave begins mobile commerce fund chant
- — 22 May, 2000 23:53
The organisation, which to date has mainly assisted startup companies in a managerial role, is awaiting approval from the Australian Securities and Investment Commission (ASIC) to officially launch the fund which will focus on assisting Asia-Pacific mobile commerce startups.
Randal Leeb-du Toit, Tribalweave's CEO, said he expects the organisation to begin accepting investments by Q4 this year. However, investors interested in the fund are invited to submit expressions of interest.
According to Leeb-du Toit, private investors, corporates and "possibly" institutional investors from the west coast of the US, New York, Germany and the UK are expected to join the fund, which is hoped will raise between $20 million and $100 million.
"Europe is very much at the forefront in the mobile commerce arena," Leeb-du Toit said.
Whilst it is expected that investments for the fund will come from a range of geographic areas, Leeb-du Toit said the venture will purely focus on Asia-Pacific companies.
Companies involved in the infrastructure side of mobile commerce, including WAP development and PDAs as well as solution-based organisations, will benefit from the fund, Leeb-du Toit said.
Other areas where Tribalweave plans to form funds include collaborative commerce and next-generation innovations such as photonics.
Leeb-du Toit said the mobile commerce fund will open shortly and is expected to generate "very high" demand.