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M17 sells its online dating assets to focus on live streaming

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M17 sells its online dating assets to focus on live streaming

M17 Entertainment introduced immediately that it has offered its on-line courting belongings to deal with its core stay streaming enterprise in Asia and different markets. Paktor Pte, which operates Paktor courting app and different companies, was acquired by Kollective Ventures, a enterprise capital advisory agency. The worth of the deal was undisclosed.

In its announcement, Taipei-based M17 stated the sale will enable it to deal with increasing its stay streaming enterprise in markets together with Taiwan, Japan and Hong Kong.

Earlier this month, the corporate stated it had raised a $26.5 million Series D that shall be used for development in Japan, the place M17 claims a 60% share of the stay streaming market, and growth into new locations just like the United States and the Middle East. Its stay streaming apps embody 17LIVE (an English-language model is known as Livit), Meme Live and live-streaming e-commerce platforms HandsUP and FBBuy.

In a press release, M17 CFO Shang Koo stated, “As our Japan stay streaming enterprise has skyrocketed, we discovered we have been unable to commit the identical degree of inner assets to our courting enterprise in Southeast Asia. Becoming impartial will enable Paktor to manage its personal future as M17 focuses closely on the way forward for its streaming companies in our largest market, Japan.”

Paktor will function independently of M17 after the sale, however Koo stated “we hope to proceed working with Paktor on future enterprise cooperation and can all the time worth the synergy and teamwork between M17 and Paktor.”

READ MORE:  Smartphone shipments dropped 13% globally, and COVID-19 is to blame

M17 was shaped in April 2017 when Paktor merged with 17 Media. A 12 months later, M17 was presupposed to go public, however cancelled its preliminary public providing on the New York Stock Exchange on the identical day it was supposed to start out buying and selling, citing “points associated to the settlement” of shares that CEO Joseph Phua later defined intimately to Tech in Asia.


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