MANILA, Philippines – Xurpas, a consumer technology firm, announced that it is investing in Quick.ly, an American startup, for $999,999.
Quick.ly, a Pasadena, California-based firm, is reinventing search for people to get what they are looking for in the fastest way possible. Founded in 2015, it is an operating company of Idealab, a creator and operator of technology businesses..
Xurpas purchased 666,666 shares of Series A preferred stock of Quick.ly at a purchase price of $1.50 per share, for a total investment of S$999,999.00.
Immediately after the closing, Xurpas now holds a 4.5% ownership of Quick.ly on a fully-diluted basis.
Xurpas President and CEO Nix Nolledo said that “expansion has always been one of our company’s priorities. And we will continue to do this through the acquisition of new distribution channels and world-class products.”
“It is the main reason why we decided to raise money through last year’s IPO (initial public offering). We are both proud and humbled to be an investor in Quick.ly,” Nolledo said. (Editor’s note: Nolledo is also a member of the Board of Rappler)
Xurpas’ other investments include Singapore-based Altitude Games; local HR-tech firm Storm Flex Systems; PT Sembilan Digital Investama, owner of Indonesian mobile content company Ninelives; and Singapore-based multiplayer games platform MatchMe. – Rappler.com