Paktor's parent firm secures $34m in funding

Paktor parent M17 Entertainment said in a media statement that it expects additional funding in the next two months, adding that it is on track for an annual turnover of US$180 million.
Paktor parent M17 Entertainment said in a media statement that it expects additional funding in the next two months, adding that it is on track for an annual turnover of US$180 million.PHOTO: LIANHE ZAOBAO

Paktor parent M17 Entertainment, which aborted a planned listing this year, announced yesterday that it has raised US$25 million (S$34 million) in a funding round featuring Temasek-linked Pavilion Capital.

The cash injection from the latest fund-raising will go towards technical upgrades and new features for M17 Entertainment's live content streaming platform, said the company.

It also plans to invest in recruiting, training and promoting its content producers, or "streamers", as well as in expanding its content and services.

M17 Entertainment said in a media statement that it expects additional funding in the next two months, adding that it is on track for an annual turnover of US$180 million.

Mr Terry Tsang, chief executive officer of Hong Kong game developer Mad Head, led M17 Entertainment's funding this time round. Other investors included Stonebridge Ventures and existing shareholders.

M17 Entertainment was formed from last year's merger of Singapore mobile dating application Paktor and live streaming platform 17 Media, founded by veteran Taiwanese rapper Jeffrey Huang Li-Tchen.

Paktor co-founder Joseph Phua Jiexian became group CEO of M17 Entertainment.

Besides Pavilion Capital, Vertex Ventures - another subsidiary of Singapore investment firm Temasek - has also backed Paktor in the past.

A version of this article appeared in the print edition of The Straits Times on December 07, 2018, with the headline 'Paktor's parent firm secures $34m in funding'. Print Edition | Subscribe