M17 Entertainment revealed today that it has offered its online dating properties to focus on its core live streaming business in Asia and other markets. Paktor Pte, which runs Paktor dating app and other services, was obtained by Kollective Ventures, an equity capital advisory company.
The value of the deal was concealed. In its announcement, Taipei-based M17 stated the sale will enable it to concentrate on broadening its live streaming company in markets including Taiwan, Japan and Hong Kong.
Earlier this month, the business said it had raised a $ 26.5 million Series D that will be used for development in Japan, where M17 claims a 60% share of the live streaming market, and expansion into brand-new locations like the United States and the Middle East. Its live streaming apps consist of 17LIVE (an English-language version is called Livit), Meme Live and live-streaming e-commerce platforms HandsUP and FBBuy.
In a statement, M17 CFO Shang Koo stated, “As our Japan live streaming service has increased, we found we were not able to commit the very same level of internal resources to our dating service in Southeast Asia. Becoming independent will allow Paktor to control its own destiny as M17 focuses heavily on the future of its streaming services in our largest market, Japan.”
Paktor will run independently of M17 after the sale, however Koo stated “we hope to continue working with Paktor on future company cooperation and will always value the synergy and teamwork between M17 and Paktor.”
M17 was formed in April 2017 when Paktor merged with 17 Media. A year later on, M17 was expected to go public, but cancelled its going public on the New York Stock Exchange on the same day it was supposed to begin trading, citing “problems associated with the settlement” of shares that CEO Joseph Phua later explained in information to Tech in Asia.
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.