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Patrick Grove

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Patrick Grove
Born (1975-04-30) 30 April 1975 (age 49)
Singapore
NationalityAustralian
Education
Alma materUniversity of Sydney
Occupation(s)Internet and media entrepreneur

Dato Patrick Y-Kin Grove (born 30 April 1975 in Singapore) is a Singaporean and Australian tech entrepreneur of mixed heritage.[1][2]

He is the co-founder and Group CEO of Catcha Group,[3][4] and a prolific founder of numerous tech companies in the region.

Between 1999 and 2021, he took six companies from start-up to an initial public offering (IPO).

Grove is also Chairman and CEO of Catcha Investment Corp, a blank check company sponsored by Catcha Group that raised US$300m targeting technology businesses in Southeast Asia and Australia.[5]

Early life and education

Grove spent his early years in Singapore and Indonesia, where he studied at Tanglin Trust School, the United World College of South East Asia[6] and the Jakarta International School. He moved to Sydney in 1993 and completed his high school education at the Scots College.

Grove graduated from The University of Sydney with a Bachelor of Commerce, where he majored in Finance and Accounting.

Career

Whilst still a student at The University of Sydney, Grove started two companies. Upon graduating in 1996, he joined Arthur Andersen[7] before leaving in June 1999 to start the dot-com company Catcha.com. In an article in Australia Unlimited, he is quoted as saying: "I wanted to start my own business whilst in college but my parents wouldn’t let me. We made a deal that I would finish university and work at Arthur Andersen for three years before I could do anything I want. I left after two-and-a-half years, as I couldn't resist the urge to move back to Asia to start Catcha."[8]

Catcha.com quickly became a high-profile dot-com in Asia[9] and raised over US$12 million from a combination of angel investors, venture capitalists and publicly listed companies.[10] The company received approval in principle from the Stock Exchange of Singapore in early 2000. Whilst on a global IPO roadshow, the NASDAQ crashed in April 2000[11] and the IPO was famously aborted[12] as the company become a victim of the dot-com bubble.

With an aborted IPO, a collapsing media environment and US$1.5m in debt[13] bankruptcy seemed imminent, but Grove managed to turn the company around and is credited with being one of the rare dot-com survivors.

By 2004–2005 Grove and his partners had turned around the business and completed a successful management buyout.[8]

In 2006, Grove moved back into the online space by founding the iProperty Group which was successfully listed on the Australian Stock Exchange in 2007.[14] He and his partners revamped and grew the business into the largest network of online property portals in Asia, operating in Malaysia, Indonesia, Singapore, Hong Kong and Macau with investments in India and the Philippines. Following a meeting with Rupert Murdoch in June 2014, he invested US$100m into the company[15] In February 2016, the company was acquired by REA Group, a subsidiary of News Corporation for A$751m in one of the largest acquisitions of an ASEAN Internet Company[16]

In 2009, Catcha launched Catcha Digital in partnership with Microsoft to run all their online assets in Malaysia.[17] In July 2011, Grove listed the company on the Malaysian Stock Exchange. Following the acquisition with Says Sdn Bhd, it was re-named Rev Asia Berhad.[18]

In 2011 Grove launched Dealmates, a Malaysian-based e-commerce site as a joint-venture with Mindvalley founder Vishen Lakhiani.[19] In late 2013, Grove co-founded the iBuy Group (which included Dealmates) and was successfully listed on the Australian Stock Exchange.[20]

In September 2012, Grove listed the third company he founded, iCar Asia, on the Australian Securities Exchange.[21][22] iCar owns and operates ASEAN's largest network of online automotive sites in Malaysia, Indonesia and Thailand.[23] In July 2021, Grove announced iCAR and Carsome to merge to create the Carsome Group, Malaysia's 1st Unicorn.[24]

Following their success with iProperty, Grove teamed up with former iProperty CEO Shaun DiGregorio in 2014 to launch Frontier Digital Ventures, a digital investment firm focused on online classifieds businesses in emerging markets.[25] The company listed on the ASX in August 2016,[26] marking Grove and Catcha Group’s fifth successful IPO, and currently owns stakes in 15 companies operating in 20 countries across South Asia, Latin America and the Middle East and Africa.[27]

In 2015, Grove co-founded iflix, a subscription video-on-demand service focused on emerging markets. Iflix was sold to Tencent in 2020.[28]

In the same year, Grove co-founded and launched Wild Digital as a platform to bring together the top entrepreneurs, executives and investors in the Southeast Asian digital ecosystem. Today, Wild Digital is one of the leading tech conferences in the region and has hosted speakers including Anthony Tan of Grab, Tan Sri Tony Fernandes of AirAsia, Achmad Zaky of Bukalapak and Leontinus Alpha Edis of Tokopedia.[29]

In 2017, Grove co-founded and invested in co-working space operator Common Ground.[30]

In 2020, Grove co-founded and invested in Instahome, a home rentals platform led by his former Chief of Staff Eric Tan. Instahome aims to improve the home rentals experience in Southeast Asia by featuring 3D virtual tours and HD photos in all listings as well as letting users complete bookings, pay rent and arrange for maintenance services entirely online.[31]

In February 2021, Catcha Group listed a blank check company, Catcha Investment Corp, of which Grove is Chairman and CEO, on the NYSE. The company raised gross proceeds of $300m in their Initial Public Offering to target technology businesses in Southeast Asia and Australia.[32]

Business strategy

Focusing on investments within the online sector, Patrick Grove has made his mark with a simple strategy: look at what works in the West and bring it to the East.[33] "When I was growing up and I looked at the wealthiest people in Asia, it was never anyone who invented anything. It was just someone who took an idea from the West and brought it to Asia ... I decided to do the same."

Historically, Grove has focused on emerging markets saying "I love emerging markets. If there’s a market anywhere in the world that’s emerging, I get it – it’s in my DNA.”[33] He is especially bullish about the business opportunities presented by Southeast Asia.[34]

Grove has gained a reputation and much respect for his perseverance, particularly in the face of adversity[35] He is quoted as saying "The things I have learnt about how to run a business can only be learnt in tough times," he says. "If you have been through [difficulty] before, you don't fear it. You just roll up your sleeves and get on with it."[36]

Television work / References

Grove served as one of the judges on the reality TV series Angel's Gate, which began broadcasting on Channel NewsAsia in February 2012.[37] The show gives budding entrepreneurs an opportunity to pitch business ideas to investors. Grove also appeared as a guest judge in Episode 2 The Apprentice: ONE Championship Edition.[38] in June 2021. He was also referenced in Selling Sunset Season 4 as a property Investor from Singapore that bought a Hollywood Hills home from Harry Styles[39]

Recognition

Among the awards and recognition Grove has received for his entrepreneurial achievements are:

  • 2000: Named a "Global Leader of Tomorrow" by the World Economic Forum[40]
  • 2002: Named a "New Asian Leader" by the World Economic Forum
  • 2004: "Austcham Young Entrepreneur of the Year"[41]
  • 2007: Recognised by KLue magazine among the "Top 40 under 40 to watch"
  • 2008: Named as one of "Asia's Best Young Entrepreneurs 2008" by Bloomberg Businessweek[42]
  • 2011: Inaugural listing on the "BRW Young Rich List", part of the annual BRW Rich 200[43][44]
  • 2013: Named in the Australia Unlimited "50 Global Achievers" list[45]
  • 2014: Judge in Talent Unleashed Awards, alongside Sir Richard Branson and Steve Wozniak.[46]
  • 2016: Inaugural listing on the "Forbes Annual List of 50 Richest Malaysians" [Forbes Malaysia's 50 Richest] [1]
  • 2021: The University of Sydney University 2021 Alumni Award for International Achievement.
  • 2021: Finalist in the Advance Awards for Technology and Entrepreneurship by the Australian Government [47]

Personal life

Grove was born in Singapore on 30 April 1975 to a Singaporean/Malaysian-Chinese mother and an Australian father. He has two brothers and a sister.[citation needed]

In May 2016, Grove's net worth was estimated as A$587 million by the BRW Rich 200 list, an annual list of the richest Australian people.[48] As of 2019, Grove's net worth was estimated by the Financial Review 2019 Rich List as A$885 million.[49] Grove was first recognised in the Forbes 2016 list of 50 richest Malaysians.[50] As of 2019, Forbes estimated his net worth as US$400 million.[51][52]

References

  1. ^ Young rich star Patrick Grove plans US$150m Asian investment expansion Archived 6 January 2014 at the Wayback Machine, "BRW", 1 April 2013
  2. ^ https://www.forbes.com/sites/gretasolomon/2019/05/15/how-patrick-grove-journals-his-way-to-millions/?sh=6c403b7191fe , "How Patrick Grove Journals His Way To Millions"
  3. ^ Catcha Media Corporate Site Archived 5 October 2011 at the Wayback Machine, Catcha Corporate Site,
  4. ^ IPGA Corporate Site, IPGA,
  5. ^ https://www.businesswire.com/news/home/20210211005988/en/Catcha-Investment-Corp-Announces-Pricing-of-Upsized-275-Million-Initial-Public-Offering , "Catcha Investment Corp Announces Pricing of Upsized $275 Million Initial Public Offering"
  6. ^ UWCSEA Archived 9 August 2011 at the Wayback Machine, UWCSEA,
  7. ^ Catcha Media Board of Directors Archived 8 January 2012 at the Wayback Machine
  8. ^ a b http://www.australiaunlimited.com/business/entrepreneur , "The Entrepreneur"
  9. ^ http://www.zdnet.com/catcha-com-growing-its-presence-in-s-e-asia-2011046343/ , "Catcha.com growing its presence in S E Asia"
  10. ^ Zdnet, Catcha.com,
  11. ^ Nasdaq Crash of April 2000, Nasdaq Crash of April 2000,
  12. ^ Shaky IPOs chill Singapore's Internet dreams, Asiaweek, 9 June 2000
  13. ^ Go go Grove, New Straits Times, 16 January 2005'
  14. ^ "Online Property Firm IPGA Debuts on ASX". The Sydney Morning Herald. 11 September 2007.
  15. ^ "Catcha Group secures US$100m investment in portfolio company iProperty.com". Yahoo News. 31 July 2014.
  16. ^ http://www.straitstimes.com/business/companies-markets/media-tycoon-murdoch-buys-malaysias-iproperty-for-750m , "Straits Times Nov 2016
  17. ^ MSN Embraces Magazines in Malaysia, Asia Media Journal, 4 September 2009'
  18. ^ Catcha Media Berhad is now Rev Asia Berhad Archived 12 August 2014 at the Wayback Machine, "Rev Asia Corporate Site" 4 July 2014
  19. ^ Catcha Group JV Dealmates to get Intel Funding" Archived 13 August 2014 at archive.today The Edge (Malaysia), Published 6 September 2014
  20. ^ iBuy shares close 4pc above listing price, Australian Financial Review, 20 December 2013'
  21. ^ Catcha Media's iCar Lists On ASX, Asia Media Journal 4 September 2009
  22. ^ Patrick Grove about to get his Hattrick, digitalnewsasia, 24 August 2012
  23. ^ Catcha Group secures US$100m investment in portfolio company iProperty.com Archived 12 August 2014 at the Wayback Machine, "Business Insider", 31 July 2014
  24. ^ Carsome and Catcha Group Unicorn Creation
  25. ^ https://www.afr.com/technology/rea-veteran-builds-stakes-in-farflung-online-classifieds-empire-20160224-gn2cko , "REA veteran builds stakes in far-flung online classifieds empire"
  26. ^ https://www.dealstreetasia.com/stories/australia-frontier-digital-ventures-raise-18-7m-asx-ipo-48272/ , "Australia: Frontier Digital Ventures to raise $18.7m in ASX IPO"
  27. ^ https://www.dealstreetasia.com/stories/frontier-digital-ventures-211003/ , "Malaysia's Frontier Digital Ventures raises $67m to fund three acquisitions"
  28. ^ https://www.reuters.com/article/us-tencent-iflix-idUSKBN23W0H4 , "Tencent buys Malaysian streaming platform iflix in SE Asia push"
  29. ^ "Home". wilddigital.com.
  30. ^ https://www.techinasia.com/catcha-group-co-working-space , "Catcha Group gets into the co-working space business"
  31. ^ https://www.dealstreetasia.com/stories/catcha-patrick-grove-213008/ , "Catcha Group founder Patrick Grove launches new home rental platform Instahome"
  32. ^ https://www.businesswire.com/news/home/20210217005811/en/Catcha-Investment-Corp-Announces-Closing-of-300000000-Initial-Public-Offering , "Catcha Investment Corp Announces Closing of $300,000,000 Initial Public Offering"
  33. ^ a b http://www.brw.com.au/p/entrepreneurs/catcha_group_patrick_grove_reinventing_kU6LPavK88lp5HG8ngiWtM Archived 13 December 2013 at the Wayback Machine, "Catcha Group's Patrick Grove: reinventing Asia online"
  34. ^ http://www.brw.com.au/p/entrepreneurs/se_asia_is_ripe_for_australian_technology_2Dza2Bl0nJlxHgS5JGVn1O Archived 13 December 2013 at the Wayback Machine, "SE Asia is ripe for Australian technology investment"
  35. ^ http://e27.co/echelon-coverage-patrick-grove-of-catcha-group-shares-the-secret-ingredients-of-a-successful-ipo/ , "Patrick Grove of Catcha Group shares the secret ingredients of a successful IPO"
  36. ^ http://www.brw.com.au/p/sections/features/seizing_the_day_and_beyond_pqHKgsyKW025zwTZbmDdXI Archived 13 December 2013 at the Wayback Machine, "Seizing the day and beyond"
  37. ^ So you want to be an entrepreneur?, "channelnewsasia.com", 2 February 2012
  38. ^ Ladder Climbs And Elimination: ‘The Apprentice’ Episode 2 Recap
  39. ^ Harry Styles Watermelon
  40. ^ FT Profile, FT Markets
  41. ^ Prestige Asia, Prestige
  42. ^ Asia's Best Young Entrepreneurs 2008, Bloomberg Businessweek, 8 August 2008
  43. ^ http://www.smh.com.au/it-pro/business-it/tech-kings-dominate-brw-young-rich-20110922-1klv0.html ,"Tech Kings Dominate BRW Young Rich"
  44. ^ http://www.smartcompany.com.au/wealth/052096-rich-pickings-meet-the-yoghurt-king-it-takes-two-richie-rich-10-money-making-trends-from-the-young-rich-2.html Archived 3 November 2012 at the Wayback Machine,"Young Rich List 2012"
  45. ^ http://www.australiaunlimited.com/society/australia-unlimited-global-talent ,"Australia Unlimited Global 50"
  46. ^ http://www.businessinsider.my/catchas-patrick-grove-joins-hunt-tech-superstars/#.U5BJrhaD7oh Archived 30 March 2014 at the Wayback Machine,"Catcha's Patrick Grove joins hunt for tech superstars"
  47. ^ https://advance.org/profile/patrick-grove/ "Advance Australia"
  48. ^ "Patrick Grove's journey from Young Rick to the main Rich List". BRW. 2015. Archived from the original on 30 May 2015.
  49. ^ Bailey, Michael (30 May 2019). "Australia's 200 richest people revealed". The Australian Financial Review. Nine Publishing. Retrieved 31 May 2019.
  50. ^ "Malaysia's 50 Richest: Patrick Grove". Forbes.
  51. ^ "Malaysia's 50 Richest". Forbes. 2019. Retrieved 1 October 2019.
  52. ^ Koppisch, John (13 March 2019). "Malaysia's Richest 2019: Multiple Factors Erode Fortunes Of Nation's Wealthiest". Forbes. Retrieved 1 October 2019.
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