Makara Innovation Fund has put up $51.8m of the $111m that Sinar Mas and DST-backed internet service provider MyRepublic has targeted for the round.

MyRepublic, a Singapore-based internet service provider backed by conglomerate Sinar Mas, raised S$70m ($51.8m) in series C funding from private equity firm Makara Capital today.

Makara provided the cash through Makara Innovation Fund, leading a round that MyRepublic hopes to close at $111m, up from its initial target of $74m, at an eventual valuation of approximately $480m, according to CEO Malcolm Rodrigues.

Founded in 2011, MyRepublic provides internet services including fibre broadband with a speed of up to 1Gbps to…