M17, the Taiwan-based live streaming entertainment start-up, revealed that it has actually raised a$26.5 million Series D. The round was led by Vertex Growth Fund, with participation from Stonebridge Korea Unicorn Endeavor Fund, Innoven Capital Singapore, Kaga Electronics and ASE Global Group.
The brand-new funding will be used for growth in Japan, among M17’s crucial markets, and expansion into the United States and other areas including the Middle East.
The business’s funding announcement said that more users are logging onto live streaming apps to remain amused during the COVID-19 pandemic. It included that M17, whose items include live streaming app 17 Media and a talent firm called Unicorn Home entertainment, has actually seen a record number of users and artists signing up over the previous few months.
17 Media enables content developers to monetize through in-app presents and social commerce. In January, the company said it had processed over $500 million worth of virtual gifts for 30,000 special material developers.
Two years ago, M17 planned to list on the New York Stock Exchange, but cancelled its IPO in June 2018 and decided to continue raising personal financing.
In a statement, Vertex Development handling director Tam Hock Chuan stated, “We are impressed by M17’s market leading position and continued strong growth in Japan, Taiwan and Hong Kong. With M17’s unique worth proposal and battle-hardened management team, the company is well prepared for its next stage of growth.”
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.