In a move that marks the first time the major Singapore media company MediaCorp has invested in an eCommerce retailer, TechCrunch reports that the conglomerate has finalized a deal to put $40 million into the members-only shopping site Reebonz.
“We are confident that by collaborating closely with Reebonz, we’ll see even more breakthroughs from the retailer,” MediaCorp CEO Shaun Seow said, according to the report.
The media outlet noted that the investment followed a similar decision by MediaCorp’s main competitor Singapore Press Holding, which recently invested in a restaurant booking site.
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