Malaysia-based group buying website Dealmates received an undisclosed amount of investment from Intel Capital on Thursday, subject to the completion of closing conditions. The investment marks the first significant outside funding obtained by Dealmates since it was founded in January. Founded as a joint venture between Asia-based investment group Catcha and online marketing company Mind Valley Labs, Dealmates is one of a growing number of group buying websites offering their services in East Asia. The company works as a middleman negotiating discounts for a range of vendors for its members. The financing will be used to support Dealmates’ growth plans in the near future. Sudheer Kuppam, managing director of the Asia-Pacific region at Intel Capital, said: "Ecommerce offers an important long term growth opportunity for driving increased broadband and PC usage. This investment in Dealmates further demonstrates Intel Capital’s commitment to foster innovation in Malaysia and promote technology as a key engine for economic growth."
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Intel buys stake in Dealmates
Sep 13, 2011 • Robert Lavine
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