Coleegs seeks seed funding ahead of up to USD 7m Series A round in 2H22

This piece was published by Acuris Mergermarket (an ION Group company)
by Louise Weihart in Sydney, 16th July 2021

Coleegs, a privately owned global Singapore-headquartered media outreach technology and services provider, is seeking seed funding ahead of a USD 5m-USD 7m Series A raise in the second half of 2022, said CEO and co-founder Manni Sidhu.

The company, which has developed an end-to-end technology platform specialising in media outreach to help businesses get published in traditional media across the globe, is currently seeking USD 1m on a pre-money valuation of USD 8m, Sidhu said.

Capital from the current raise will be used for operational expenses to establish infrastructure, primarily staff, with a goal of having 100 full- time and freelance staff in targeted global markets by 3Q22, Sidhu said. Capital from next year’s Series A will be used to scale in those global markets, he added.

The company, which already has clients in the US, Canada, the UK, European markets like the Netherlands, Australia, and Asian markets like Singapore, China, Hong Kong, and Malaysia, welcomes approaches from advisors with potential investors in any of these markets, Sidhu said.

It is particularly keen to establish a presence in New York and is also keen to hear from investors in any other markets where there might be interest in its services, he added. It welcomes approaches for both raises and could mandate an advisor for the larger Series A, he said.

Co-founded in 2017 by Sidhu, who is the majority shareholder, and Zokrath Tan, the company has mostly been self-funded to date, the CEO said. The company, which also raised a small amount from external investors, including private individuals and family offices in Singapore, now also welcomes pitches from venture capital (VC)-type investors, he said.

Coleegs differentiates itself by combining all aspects of current media offerings including old-style public relations, mass-produced press releases and social media, to provide one-stop borderless and affordable services targeted at specific mainstream and specialist local media, Sidhu said. It uses experienced local journalists and publicists on the ground and does not charge retainer fees, he added. Coleegs’ cross-border, technology-based offering is particularly relevant in the post-COVID-19 global environment with travel restrictions limiting face-to-face interactions and creating more demand for superior virtually delivered connections that can transcend current limitations and are changing the way business will be done and connections made going forward, Sidhu said.

The company, which is already revenue-generating and profitable, expects to report revenue of USD 2m for FY22, Sidhu said.

It works with more than 100 customers, from large listed global players to regional start-ups, across all sectors. Customers include Netherlands-based digital platform PortXchange, Singapore-based sustainability data analytics company Equilibrium World; Sydney- based video tech company Shootsta; and New York-based fintech payments company Payoneer and Singapore-based digital telco Circles.Life, which both also have operations in Australia, he said.

by Louise Weihart in Sydney

Published by Acuris Mergermarket (an ION Group company)