| W3 Infocomm Group Pte Ltd ["W3"] today announced that it has invested S$500,000 in location technology & logistics start-up V3Teletech Pte Ltd ["V3"]. S$100,000 will be injected as paid-up capital and $400,000 will be made available as a drawdown convertible loan facility. The co-founders, Wong Shih Jon and Adrian Long, will also have option to acquire shares in V3 at original par value.
Wong Shih Jon, V3's co-founder and Chief Technology Officer, said "W3 provide both business sales channels and much needed capital injection for V3 to enhance its existing products and to roll out live deployment at customer sites. With W3's investment, V3 will be able to undertake both the Singapore and China deployment for a major customer currently under discussion and use it as reference sites to sell our products, systems and services".
Andy Quak, W3's Chief Executive Officer added, "W3's value to our shareholders is to spot good start-ups and teams, and create a win-win structure that align investee founders with W3 to derive optimal benefits for the investee. Jon and Adrian are the type of capable, committed and hungry enterpreneurs that investors can place their bets on to lead the investee to eventual success".
About V3 Teletech Pte Ltd
V3 Teletech, a leading enterprise resource forecasting, optimization and performance enhancement workflow enabler, focuses in providing solutions and project consultancy for the logistics, transportation operators and enterprises. V3 Teletech develops innovative N to N logistics workflow IT platform and products which utilize the up-and-coming Geographical Information System (GIS) and Location Determination Technology which encompasses Global Positioning System (GPS); Cellular ID; Radio Frequency Infrared Detection (RFID); which aims to assist lead logistics service providers and enterprises to optimize their resources, operations and to enhance visibility plus security in conventional and cold chain cargo distribution management.
About W3 Infocomm Group Pte Ltd
W3 Infocomm Group is an investment holding company with sterling track records in investing and raising subsequent round funding for start-ups and early stage companies. With some of its portfolio companies now actively in the process of M&A and IPO, W3's investment focus has shifted from what was primarily early stage investment in infocomm and media companies to quality investments in late stage, pre-IPO and pre-trade sales companies. Shareholders of W3 and its investee companies include Temasek Holdings (Pte) Ltd [via its 100% held Greendot Capital Pte Ltd], SingTel Group, Singapore Technologies Electronics Ltd, Gemplus-EDB Smart Labs Pte Ltd and PrimePartners Group, a US$300 million venture capital fund.
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