Singapore, October 6, 2016: Wavemaker Partners, an early stage technology venture capital firm in Southeast Asia (SEA) today announced their exit as an institutional investor from Art of Click, a performance-based mobile advertising technology company. Wavemaker, through the Singapore National Research Foundation’s (NRF) Technology Incubation Scheme (TIS), is the only institutional investor in Art of Click.
The deal is initially valued at US$30M with additional performance-based earn-outs to take it up to US$45M. This is Wavemaker’s third exit from its Labs fund which includes Luxola (acquired by LVMH) and Gushcloud (acquired by YelloMobile). What makes the deal special is that it is a dragon- a fund returner, which is a rarity in the region. The Labs portfolio also includes start-ups that have raised significant follow-on investment like Tradegecko, ShopYourWorld, Smove and Structo.
Wavemaker has been on a bit of a streak as this is their fourth exit in the last 16 months with Pie being acquired by Google earlier this year. The firm is now in the process of raising additional capital for its new SEA fund.
Commenting on the same, Paul Santos, Managing Partner at Wavemaker said, “Art of Click has made tremendous progress in just 3 years. With only the S$650K it had raised during the seed round, it grew to deliver double-digit million dollar revenues at double-digit EBITDA margins. This is proof of the value that Art of Click is able to create for its customers. It’s also proof that seed stage investments in viable, fast-growth B2B businesses in SEA can deliver venture-grade returns.”
He further added, “We are happy to have helped them find a perfect partner in Xurpas, the premiere mobile Technology Company listed in the Philippine Stock Exchange.”
Based on a recent study done by Google and Temasek, Southeast Asia already has the 4th largest internet population in the world and is growing by 3.8M new users every month, all of them on mobile where Art of Click operates.
Mr Nix Nolledo, Co-Founder & CEO, Xurpas said, “We are always looking for innovative companies that can complement our business. Art of Click offers just that. We look forward to an exciting journey ahead.”
About Wavemaker Partners
Wavemaker Partners is an early-stage venture capital firm founded in 2003 with offices in Los Angeles and Singapore with over $100M in assets under management, while consistently delivering top quartile returns. Wavemaker is one of the most active investors in Southeast Asia with more than 50 portfolio companies including successes like Luxola (acquired by LVMH), Gushcloud (acquired by YelloMobile) and Pie (acquired by Google). The firm invests primarily in pre-Series A rounds of technology startups in the B2B space (large enterprise, SME, B2B2C). The Wavemaker team is led by entrepreneurs who’ve built and exited companies themselves. Wavemaker is also the Southern California and Southeast Asia representative of the Draper Venture Network (DVN), the world’s premier global venture collective with 9 member firms across 4 continents.
About Art of Click
Art of Click is a mobile media agency for advertisers and a mobile affiliate marketing platform for publishers. Their goal is to create a new generation ad optimization platform and deliver real ROI and LTV to advertisers and publishers to effectively support global and regional communication agencies and leading brands in the development and execution of mobile strategies. Started in 2011 with a team of marketing and technical experts from the Mobile, Internet, Software Development and IT industries; they have since become a fast-growing mobile affiliate marketing platform in Asia Pacific with more than 4 billion monthly ad impressions especially in key markets like South Korea, Japan, Hong Kong, as well as North America and Europe.
Xurpas Inc. is the largest consumer technology company in the Philippines with creation and development of mobile consumer content and services as one of its key businesses. Originally founded as a content provider to telecommunications operators, Xurpas now offers a complete portfolio of products and services ranging from mobile casual games to web & mobile application development to enterprise solutions and systems architecture.
Established in November 26, 2001 with only PhP 62500; today, they are the largest listed consumer technology company in Southeast Asia with an impressive market capitalization of over PhP 30 billion.