Singapore-based media company GRVTY Media announced today (July 29) that Towerhill — the investment vehicle of Kiat Lim, who is the son of billionaire Peter Lim — has acquired a majority stake of the company for an undisclosed amount.
Part of the deal is a cash injection, which will be used to fuel the company’s growth.
Founded in April 2017, GRVTY Media is a creative agency and digital media group that houses Vulcan Post, VP Label, Millennials of Singapore/KL, Discover SG/KL, and The Daily Ketchup.
It was last valued at S$3.6 million in July 2017 — just three months after its inception — in which it raised S$1 million from Spout Entertainment Group (its shares were later transferred to REAPRA).
What led to the acquisition?
Jacky Yap, co-founder of GRVTY Media, told Vulcan Post that through one of his many projects, Kiat got acquainted with the company and had a chance to better understand its media and agency capabilities.
This opened the door to many other “synergistic” business opportunities. Particularly, Kiat sought GRVTY’s support in the various businesses he is involved in, including Thomson Medical Group, NFT community ARC, and digital football platform zujuGP.
More at https://vulcanpost.com/797249/grvty-media-acquired-by-towerhill-raises-funding/
