Sweden-based Internet start-up incubator and consulting firm Icon Medialab International has built a war chest of US$75 million for expansion and investment in Asia.
Announcing the investment plan of Icon Medialab Asia, the new venture's chief executive Johan Stael von Holstein said the company had ear-marked half of the US$75 million to invest in Asian Internet start-ups.
The other half will be used for recruitment and expansion, with a plan to widen the firm's workforce of 40 to 650 by the end of the year.
The company plans to set up offices in Taiwan, Shanghai, Tokyo and Sydney in addition to existing operations in Hong Kong, Singapore and Kuala Lumpur.
The company has identified several business-to-business projects for investments relating to the rationalisation of logistics and supply-chain processes of Asian manufacturing industries.
Mr von Holstein said the company would use cash and new shares to acquire stakes in Internet companies in the region, and is prepared to see dilution of up to 50 per cent of its issued share capital by way of new shares issuance.