Deal Street Asia has joined the ranks of Asian media ventures that have recently raised capital through external sources. The eighteen month old website that covers news associated with financial investments, says that it will use the capital to grow its editorial team and expand its operations from Singapore — where its HQ is located — to a second office in HongKong.
While details about the amount raised by the media outlet are scarce, it is known that Vijay Shekhar Sharma, Founder of PayTM, the Singapore Angel Network and Indian media group, Hindustan Times were among the participants of the investment round.
Speaking upon the topic with TechCrunch, co-founder and editor-in-chief Joji Philip Thomas said,
There is no portal that tracks both PEs, VCs, IPOs and business of startups all together in Asia.
Remarking that there was an an opportunity to build a site that would provide new associated with investments, both technical and mundane. However, he did add that his website would continue focusing upon deal related stories.
We are not a full-fledged financial news portal. We will stick to deal-related stories,
It will however be interesting to see how Deal Street Asia moves ahead in carving out such a selective niche for itself in the digital media space — a space where there isn’t much of an entry barrier and where platforms like us here at The Tech Portal and others, continue to report on comprehensive financial deals in the startup and tech sector.
As a result of these investments — which are a first for the company, it was self funded until now — Deal Street Asia will add a conflicts page where it will disclose all of its interests and ties with the companies being covered.
The company is already looking ahead and is planning for yet another round that will act as a bridge to Deal Street Asia’s very own series A. The company is hoping to raise $5 million with its series A, which from the perspective of an eighteen month old company with about 18 employees — many out of which are remotely located — is quite impressive.
For now though, Deal Street Asia is mainly looking to deploy the fresh funds it has received to expand into the events and data services sector. And of course, lets not forget the second office in HongKong.
Meanwhile, now that news portals covering the investments of the Southeast region are themselves getting invested in, what more proof do you need of a bustling and dynamic Asian economy?