East Ventures and Emtek Inject IDR 43 Billion to Fraction
East Ventures led funding to the financial technology startup (fintech) Fraction of US$ 3 million or around IDR 43 billion. This startup provides an investment platform that is supported by non-fungible tokens aka NFT.
Other participating investors are Emtek Group, Thakral Limited, V Ventures, and a group of regional investors. Fraction was also supported by SINGHA Ventures, John Wylie’s TanarraCapital and Skystar Capital Indonesia in a seed funding round.
“We are very pleased to have been supported by some of the leading names in the industry who believe in Fraction’s vision and our ability to change the existing investment paradigm,” Fraction Co-founder and CTO Shaun Sales said in a press statement, Monday (17/1).
Investment Fund Usage Plan
The fintech operates in Hong Kong and Bangkok, Thailand. The startup plans to use the fresh funds to launch its first partial real estate offering.
In addition, accelerate the growth of multiple asset classes, services and jurisdictions to revolutionize and democratize access to investment and capital. Fraction noted, there are millions of people who do not have access to investment activities.
“This latest funding round allows us to continue to bridge the world of traditional finance with the digital revolution. In addition, the creation of a completely new capital market, which will have a meaningful impact on millions of people,” he said.
Shaun said that the fundraising was in line with the receipt of the Thailand ICO Portal License from the Securities and Exchange Commission of Thailand (SEC).
Fraction also plans to offer partial ownership of some of Thailand’s iconic real estate assets in the first quarter. The offer of partial ownership of real estate assets will be carried out through an end-to-end fractional ownership platform supported by NFT and blockchain.
“We are pleased to be a pioneer in implementing NFT and decentralized digital ethereumsolutions to manage partial ownership of multiple assets,” said Fraction Co-founder and CEO Eka Nirapathpongporn.
Eka is a former managing director and partner at New York-based global asset management and financial advisory firm, Lazard.
Integrated Platform Development
Faction has also developed a unified platform which is claimed to be the first in the world. These platforms include:
1. Integrated fractional digitization and asset ownership
2. Initial Fraction Offering (IFO) to investors
3. Fraction token trading platform on the secondary market among investors
4. All services to accommodate end-to-end experience
“From now on, we can enable financial inclusion that allows small investors to participate in attractive asset classes that were not accessible before,” said Eka.
He noted that the growth opportunity for the Faction was enormous. The real estate tokenization market is estimated at US$ 80 trillion. “We are delighted to be at the forefront of the new wave of convergence of finance and blockchain technology,” he said.
East Ventures Co-Founder and Managing Partner Willson Weather added, “The company is excited about the huge growth opportunities of the Fraction platform. Making digitization and partial ownership of real-world assets an easy daily activity,” he said.
According to him, real estate is the first asset class. “We look forward to supporting Fraction as it evolves into multiple asset classes and jurisdictions,” said Willson.
Fraction was founded by Eka Nirapathpongporn ex-Director and Partner of Lazard, a New York-based global financial advisory and asset management firm. And Shaun Sales, a seasoned entrepreneur in technology.
Fraction opens access to wealth creation for everyone by enabling partial and digital asset transactions to be owned or traded, starting with world-famous iconic real estate projects.
With Fraction’s plug-and-play platform, individuals and companies can now invest, sell, and partially manage ownership ranging from small stakes in city condominiums, beachfront inns, or works of art to managing personal funds, assets and investors.