Cricket Digital Platform CricHQ Secures US$10 Million Investment from Singapore PE Firm Tembusu Partners To Expand Global Reach
Singapore / New Zealand, 16 June 2015 – CricHQ Ltd. (“CricHQ”) said today that it has secured up to US$10 million funding from Singapore-based private equity firm Tembusu Partners Pte. Ltd. (“Tembusu Partners”) to enhance its cricket digital platform and grow its global operations.
Tembusu Partners manages over S$300 million (approximately US$223 million) and has a strong record in investing in high-growth enterprises. CricHQ will be the second investment by Tembusu Growth Fund III – which has a target size of S$150 million (approximately US$111 million).
Forty-one of 106 national governing bodies for cricket have partnered with Wellington-based CricHQ to improve administration of the game in their jurisdictions from club level upwards. Cricket is the world’s second most popular sport, with an estimated global following of over three billion.
Cricket administration previously consisted of paper-based, time-intensive methods of data collection. CricHQ aims to accomplish its mission of “Making Cricket Better” for cricket stakeholders through its digital platform which combines an integrated competition management, live scoring and Customer Relationship Management to solve the problem of data loss.
Its crowd-sourced and independently-validated data collection process allows fans to receive the benefit of the biggest and broadest range of cricket in the world thanks to CricHQ, unlocking the value of cricket that was previously unaccessible.
With Tembusu Partner’s investment, CricHQ will upgrade its platform to better serve clients and stakeholders, release exciting features for fans, expand geographically and attract talent.
CricHQ will grow its global operations through senior appointments which are to be announced in India, United Kingdom, South Africa and Pakistan in the coming weeks. It will also expand its development, sales and marketing capabilities in India, showing further commitment to cricket’s biggest market.
Mr. Simon Baker, founder and CEO of CricHQ, said: “Tembusu’s investment enables CricHQ to expand significantly and achieve our growth targets. An institutional investment of this significance, and the support of shareholders and clients such as New Zealand Cricket, validates our global business strategy. CricHQ will benefit from Tembusu’s experience and network in Asia, and is based in Singapore – the ideal gateway to our key markets.”
Mr. Andy Lim, founder and Chairman of Tembusu Partners, said: “Tembusu believes that CricHQ’s business model is highly scalable and has a huge opportunity to become the world’s leading online repository of cricket information. We are proud to partner CricHQ in its exciting growth journey.”
Mr. Stephen Fleming, CricHQ Director and Ex-New Zealand Cricket Captain, said: “Brendon McCullum and I met Simon five years ago to discuss CricHQ and how it was “making cricket better”. It clicked with us both as a business and a means of giving back to the game that had given us so much. This investment from Tembusu Partners validates the early support shown to CricHQ by the 20 other high-profile cricketing names that also invested.”
CricHQ’s early growth has been supported throughout by New Zealand government innovation and export entities. Tembusu Partners’ investment represents a significant milestone for those business support structures.
Mr. Quentin Quin, General Manager Capital at New Zealand Trade and Enterprise (“NZTE”), said: “NZTE has been working with CricHQ to fast track their international growth and we congratulate them on achieving this significant milestone. This deal is also significant for the New Zealand capital markets; put in perspective it represents 25 percent of all investment in early stage New Zealand companies, and 4.6 percent of investment into New Zealand privately held companies in the last financial year.”
Mr. Imran Khwaja, president of Singapore Cricket Association and former Singapore international player, who sits on the Asian Cricket Council and International Cricket Council Executive Boards, said: “CricHQ has identified a critical need within the world’s second-largest sport, and has cleverly bridged the divide between technology and sports with its highly innovative products. With this funding, I believe CricHQ significantly influences how cricket is conducted and experienced today.”
– End of Press Release –
Issued on behalf of Tembusu Partners Pte Ltd and CricHQ Ltd by WeR1 Consultants Pte Ltd:
Simon Baker, CEO
Tel: +64 21 288 4228
Media Relations Contact:
WeR1 Consultants Pte Ltd
Ian Lau, firstname.lastname@example.org
Tel: +65 6737 4844
Media collaterals can be accessed via: https://goo.gl/LvRLyg
About CricHQ Ltd
CricHQ is a global technology company with a mission to redefine how cricket is administered, shared, analysed and followed. CricHQ has developed cutting edge cricket products, which includes popular smartphone and tablet cricket scoring apps, live scoring competition management software as well as a cricket themed social network.
For more information, please visit: http://www.crichq.com/about
About Tembusu Partners Pte Ltd
Tembusu Partners is a private equity investment firm investing in growth-stage companies, with a view to generate optimal returns for both investee companies and investors. Headquartered in Singapore, its primary geographical markets are within Emerging Asia – comprising China, India and Southeast Asia.
For more information, please visit: http://www.tembusupartners.com/
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