The RM2mil angel behind Soft Space
- Media exec Vincent Lee takes stake in promising start-up in surprisingly uncommon way
- Expect marketers to overcome a route to his door for similar offers
FRESH from uncovering who the angel for maxman.tv turned into, or at the least narrowing it all the way down to considered one of brothers, this week Digital News Asia (DNA) can do even better -- how approximately an angel investor who coughed up a cool RM2 million (US$653,000) for a start-up inside the mobile fee area?
The start-up is Soft Space International Sdn Bhd, which DNA wrote about on Oct five. Founded with the aid of Chang Chew Soon, who describes his crew as “a group of software geeks obsessed on fee and cell improvement.” Soft Space is truely going locations, having signed a joint mission settlement with MOL AccessPortal Sdn Bhd.
The aggreement will see them forming a cellular fee acquiring company in an effort to cognizance on small and medium organizations (SMBs), permitting them to take delivery of credit score and debit card bills using smartphones and other cellular gadgets.
Those who read the tale will recognise that DNA described Datuk Vincent Lee (%) as a main shareholder of Soft Space, via the keeping employer Feotus (sic) International, of which he's govt chairman.
Feotus contains Naga DDB, DDB International, DDB PR, Beyond Events, Vizeum Media Services, Rapp Collins, Stropt & Sports Limited (HK), Tribal DDB, Whack Films, Model.com and MNC Wireless Berhad.
But right here’s the kicker: Lee invested RM2 million into Soft Space with seemingly no stake decided in go back for his funding.
Lee is currently executive deputy chairman of Star Publications (M) Bhd and changed into additionally the president of the Association of Advertising Agents Malaysia (4As) from 2005 to 2011.
“It become primarily based on accept as true with,” says Chang. He says that Lee had desired him to sign up for advertising and marketing enterprise Naga DDB Malaysia in a form of leader generation officer function.
But Chang informed him his plans after which, “I requested Lee if he might be involved to put money into me. He requested how a great deal I wished, and stated sure to the RM2 million. That turned into it and I were given the check two weeks later!”
It can also sound like a fairy tale but as Dr V. Sivapalan, chief evangelist of Proficeo Sdn Bhd, feedback, “This is a especially unusual situation, specially for a man with Lee’s enjoy, and may come returned and motive troubles in a while, particularly if the employer becomes very successful.”
Sivapalan strongly advises entrepreneurs to decide the stake upfront, even if they've an investor who is willing to are available without their stake decided yet. “It is the right thing to do and will make certain there are not any arguments in future.”
DNA wanted to talk to Lee about why he took any such big bet on Chang and made his selection on the spot, but he declined.
That may be so however you can guess many more entrepreneurs are going to be beating a course to his door to make their pitch to him. He higher have a robust door.
As for marketers dreaming of a similar deal with their angels, that is one million-in-one kind state of affairs. Er, make that -million-in-one.
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