Jollibee Foods Corp. has accepted new investors in its venture capital fund Titan Dining LP which holds the Tim Ho Wan brand and company-owned Tim Ho Wan stores. Titan Dining is the master franchisee of Tim Ho Wan in the Asia Pacific region.
Jollibee said the new investors will take up 10 percent of the expanded fund size of SG$250 million, from the previous SG$200 million, “to fund working capital requirements of Tim Ho Wan as well as facilitate the completion of other projects.”
“With the increase in fund size and entry of additional investors, JWPL’s total commitment to the fund shall amount to SG$225,000,000 comprising 90 percent of the increased fund size and total commitments,” it said.
Jollibee’s investment in Titan Dining is coursed through unit Jollibee Worldwide Pte. Ltd.
Jollibee ventured into Titan Dining when it invested SG$45 million in May 2018 for a 45 percent participating interest.
In October 2019, Jollibee announced increasing its stake in Titan Dining to 60 percent and its fund commitment increasing to SG$120 million after the venture capital fund increased its size to SG$200 million from SG$100 million. Titan Dining also expanded its assets by acquiring at this time the Tim Ho Wan brand and trademarks.
In October last year, Jollibee further increased its participating interest in Titan Dining to 85 percent after it purchased the 25 percent participating interest of another investor for SG$36.3 million.
In August this year, Jollibee purchased the remaining 15 percent of other investors in Titan.
