Patrick Grove

Patrick Y-Kin Grove (born 30 April 1975 in Singapore) is an Australian internet and media entrepreneur in Asia.[3]

Patrick Grove
Born (1975-04-30) 30 April 1975
Singapore
NationalityAustralian
Education
Alma materUniversity of Sydney
OccupationInternet and media entrepreneur
Net worth
Board member of

He is the co-founder and chief executive officer of Catcha Group,[4][5] and additionally serves as co-founder and Chairman of Catcha Group portfolio companies listed on the Australian Securities Exchange, including iProperty Group and iCar Asia. He is also the co-founder of Frontier Digital Ventures, iflix and Rev Asia, a Bursa Malaysia-listed online media and publishing company.

Between 1999 and 2016, he took five companies from start-up to initial public offering (IPO).

His accolades include being named by the Australian Trade Commission as one of Australia Unlimited: 50 Global Achievers,[6] by Bloomberg Businessweek as one of Asia's Best Young Entrepreneurs,[7] by Business Week Asia as Top Entrepreneur under 40,[8] and by the World Economic Forum as the Global Leader of Tomorrow and New Asian Leader[9] two years consecutively. He served as a judge, alongside Sir Richard Branson, and Steve Wozniak in the 2014 Talent Unleashed Awards,[10] and also on the judging panel for television series Angel's Gate which was broadcast on Channel NewsAsia in 2012.[11] Grove is also a member on the XPrize Innovation board.[12]

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[13] 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[14] 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."[15]

Catcha.com quickly became a high-profile dot-com in Asia[16] and raised over US$12 million from a combination of angel investors, venture capitalists and publicly listed companies.[17] 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[18] and the IPO was famously aborted[19] 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[20] 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.[21]

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.[22] 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[23] 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[24]

In 2009, Catcha launched Catcha Digital in conjunction with Microsoft to run all their online assets in Malaysia.[25] In July 2011, Grove listed the company, then called Catcha Media Berhad on the Malaysian Stock Exchange. Following the merger between Catcha Media subsidiaries and Says Sdn Bhd, a new company, Rev Asia Media Equity Holdings Sdn Bhd was formed.[26] Catcha Media further announced in July 2014 that it had changed its name to Rev Asia Berhad.[27]

In 2011 Grove launched Dealmates, a Malaysian-based e-commerce site as a joint-venture with Mindvalley founder Vishen Lakhiani.[28] In 2012, Dealmates pivoted from a group buying to a flash sales model that focuses on selling products.[29] It successfully raised US$2 million in venture capital funding from Intel Capital. In early 2014, Dealmates.com was acquired by the iBuy Group and was successfully listed on the Australian Stock Exchange.

In September 2012, Grove listed the third company he founded, iCar Asia, on the Australian Securities Exchange.[30][31] iCar owns and operates ASEAN's largest network of online automotive sites in Malaysia, Indonesia and Thailand.[32] In March 2013, Australia's leading online cars classifieds Carsales.com Limited acquired a 19.9% seat in the company,[33] later increasing its shareholding in iCar Asia to 22.9% in March 2014.[34] The S&P Dow Jones Indices announced iCar's inclusion to the All Ordinaries Index on 21 March 2014.[35]

Grove had his fourth IPO with the listing of iBuy Group on the Australian Securities Exchange on 20 December 2013.[36]

Besides the four listed companies, Grove also controls a number of private companies including iflix, Southeast Asia's leading Internet TV service, launched in Malaysia and the Philippines in May 2014, and has additionally co-founded and invested in Frontier Digital Ventures, a digital investment firm focusing on online classifieds in frontier markets.[37]

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.[38] "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."

Specifically he has, through Catcha Group, targeted the 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.”[39] He is especially bullish about the business opportunities presented by Southeast Asia.[40]

Grove has gained a reputation and much respect for his perseverance, particularly in the face of adversity, and has spoken at various start-up and entrepreneur events such as Startup Grind and the regional Echelon.[41] 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."[42]

Television work

Grove served as one of the judges on the reality TV series Angel's Gate, which began broadcasting on Channel NewsAsia in February 2012.[43] The show gives budding entrepreneurs in Asia an opportunity to pitch business ideas to investors.

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[44]
  • 2002: Named a "New Asian Leader" by the World Economic Forum
  • 2004: "Austcham Young Entrepreneur of the Year"[45]
  • 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[46]
  • 2011: Inaugural listing on the "BRW Young Rich List", part of the annual BRW Rich 200[47][48]
  • 2013: Named in the Australia Unlimited "50 Global Achievers" list[49]
  • 2014: Judge in Talent Unleashed Awards, alongside Sir Richard Branson and Steve Wozniak.[50]
  • 2016: Inaugural listing on the "Forbes Annual List of 50 Richest Malaysians" [Forbes Malaysia's 50 Richest]

Personal life

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

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.[51] As of 2019, Grove's net worth was estimated by the Financial Review 2019 Rich List as A$885 million.[1] Grove was first recognised in the Forbes 2016 list of 50 richest Malaysians.[52] As of 2019, Forbes estimated his net worth as US$400 million.[2][53] Grove's net worth did not meet the A$472 million cut-off for the Financial Review 2020 Rich List.[54]

References
  1. Bailey, Michael (30 May 2019). "Australia's 200 richest people revealed". The Australian Financial Review. Nine Publishing. Retrieved 31 May 2019.
  2. "Malaysia's 50 Richest". Forbes. 2019. Retrieved 1 October 2019.
  3. Young rich star Patrick Grove plans US$150m Asian investment expansion Archived 6 January 2014 at the Wayback Machine, "BRW", 1 April 2013
  4. Catcha Media Corporate Site Archived 5 October 2011 at the Wayback Machine, Catcha Corporate Site,
  5. IPGA Corporate Site, IPGA,
  6. ,"Australia Unlimited Global 50"
  7. "Bloomberg Businessweek"
  8. Asia's Best Young Entrepreneurs 2008, Bloomberg Businessweek, 8 August 2008
  9. FT Profile, FT Markets
  10. Archived 30 March 2014 at the Wayback Machine,"Catcha's Patrick Grove joins hunt for tech superstars"
  11. So you want to be an entrepreneur?, "channelnewsasia.com", 2 February 2012
  12. , "Innovation Board"
  13. UWCSEA Archived 9 August 2011 at the Wayback Machine, UWCSEA,
  14. Catcha Media Board of Directors Archived 8 January 2012 at the Wayback Machine
  15. , "The Entrepreneur"
  16. , "Catcha.com growing its presence in S E Asia"
  17. Zdnet, Catcha.com,
  18. Nasdaq Crash of April 2000, Nasdaq Crash of April 2000,
  19. Shaky IPOs chill Singapore's Internet dreams, Asiaweek", 9 June 2000
  20. Go go Grove, New Straits Times", 16 January 2005'
  21. , "The Entrepreneur"
  22. "Online Property Firm IPGA Debuts on ASX". The Sydney Morning Herald. 11 September 2007.
  23. "Catcha Group secures US$100m investment in portfolio company iProperty.com". Yahoo News. 31 July 2014.
  24. , "Straits Times Nov 2016
  25. MSN Embraces Magazines in Malaysia, Asia Media Journal, 4 September 2009'
  26. Catcha Media Berhad forms "Rev" Asia Archived 12 August 2014 at the Wayback Machine, "Catcha Media Corporate Site", 10 October 2013
  27. Catcha Media Berhad is now Rev Asia Berhad Archived 12 August 2014 at the Wayback Machine, "Rev Asia Corporate Site" 4 July 2014
  28. Catcha Group JV Dealmates to get Intel Funding" Archived 13 August 2014 at Archive.today The Edge (Malaysia), Published 6 September 2014
  29. "Dealmates pivots its way into a stronger footing" Digital News Asia, Published 8 September 2012
  30. Catcha Media's iCar Lists On ASX, Asia Media Journal 4 September 2009
  31. Patrick Grove about to get his Hattrick, digitalnewsasia, 24 August 2012
  32. Catcha Group secures US$100m investment in portfolio company iProperty.com Archived 12 August 2014 at the Wayback Machine, "Business Insider", 31 July 2014
  33. Carsales.com drives into Asia Archived 17 March 2013 at the Wayback Machine, "9 News Finance", 15 March 2013
  34. Carsales moves to 22.9% of iCar Asia, "The Australian", 5 March 2014
  35. S&P DJ Indices Announces March Quarterly Rebalance "S&P/Dow Jones Index Announcement", 7 March 2014
  36. iBuy shares close 4pc above listing price, Australian Financial Review", 20 December 2013'
  37. , "Frontier Digital Ventures launched; acquires 30% stake in Zameen.com"
  38. Archived 13 December 2013 at the Wayback Machine, "Catcha Group's Patrick Grove: reinventing Asia online"
  39. Archived 13 December 2013 at the Wayback Machine, "Catcha Group's Patrick Grove: reinventing Asia online"
  40. Archived 13 December 2013 at the Wayback Machine, "SE Asia is ripe for Australian technology investment"
  41. , "Patrick Grove of Catcha Group shares the secret ingredients of a successful IPO"
  42. Archived 13 December 2013 at the Wayback Machine, "Seizing the day and beyond"
  43. So you want to be an entrepreneur?, "channelnewsasia.com", 2 February 2012
  44. FT Profile, FT Markets
  45. Prestige Asia, Prestige
  46. Asia's Best Young Entrepreneurs 2008, Bloomberg Businessweek, 8 August 2008
  47. ,"Tech Kings Dominate BRW Young Rich"
  48. Archived 3 November 2012 at the Wayback Machine,"Young Rich List 2012"
  49. ,"Australia Unlimited Global 50"
  50. Archived 30 March 2014 at the Wayback Machine,"Catcha's Patrick Grove joins hunt for tech superstars"
  51. "Patrick Grove's journey from Young Rick to the main Rich List". BRW. 2015. Archived from the original on 30 May 2015.
  52. "Malaysia's 50 Richest: Patrick Grove". Forbes.
  53. Koppisch, John (13 March 2019). "Malaysia's Richest 2019: Multiple Factors Erode Fortunes Of Nation's Wealthiest". Forbes. Retrieved 1 October 2019.
  54. Bailey, Michael; Sprague, Julie-anne (30 October 2020). "The full list: Australia's wealthiest 200 revealed". The Australian Financial Review. Nine Publishing. Retrieved 31 October 2020.
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