Malaysia-based marketplace operator Frontier Digital Ventures (FDV) has promoted co-founders Patrick Grove and Lucas Elliott to executive chairman and executive director, respectively.
Patrick Grove
Grove has been associated with FDV in different capacities since the company’s inception. A co-founder of the company, he was made a director in April and chairman in June. He will be joined by co-founder Lucas Elliott as a new executive director, FDV announced in a news release.
Grove said that he and Elliott would “continue to drive FDV’s mission of building and scaling leading digital marketplaces in frontier markets globally.”
Lucas Elliott
FDV also reiterated that co-founder Shaun Di Gregorio, whom Grove thanked for his “outstanding leadership,” will continue as a non-executive director after he leaves his role of CEO on Nov. 30.
Grove is known for founding Catcha Group, a private equity and investment company. His entrepreneurial track record also includes IProperty Group, which was acquired by REA Group in 2016, and ICar Asia, which merged with Malaysia-based Carsome.
The key appointments come just a month after FDV re-appointed Shiao Chan as CFO and inducted two new independent non-executive directors to its board.
FDV owns and operates multiple marketplaces in emerging markets, including Latin America, the Middle East and Asia. Its brands include AutoDeal.com.ph, Avito.ma, Encuentra24.com, Infocasas, Zameen, and Fincaraiz.com.co.
In the first half of 2025 (H1 2025), FDV posted AUD33.2 million ($21.7 million U.S.) in consolidated statutory revenue — down 5% year on year (y-o-y) due to a lower contribution from Infocasas, the property marketplace operating across South America under FDV’s 360 LatAm holding company.
Infocasas’ revenue decreased by 56.4% y-o-y to AUD5.0 million, largely due to the revamp of its transactional model and the related disruption to sales and attribution processes. Except for Infocasas, all FDV subsidiaries grew their revenue on a yearly basis in H1 2025.
On August 18, FDV — which is listed on the Australian Securities Exchange (ASX) — was granted permission to halt its trading temporarily to investigate an apparent misappropriation of funds at Fincaraíz, its real estate subsidiary in Colombia. It resumed trading the following day.
