Live streaming platform M17 raises USD 26.5M in Series D round led by Vertex Growth

posted on 12 May 2020

Live streaming platform M17 Entertainment has landed $26.5 million in a Series D funding round led by the Temasek-backed Vertex Growth Fund, the company said in a press release Monday.

Other investors participating in the round included Stonebridge Korea Unicorn Venture Fund, InnoVen Capital, Kaga Electronics and ASE Global Group, M17 said.

“With consumer preferences shifting to individualized on-demand viewing online, M17 is capitalizing on the need for a robust, financially viable platform for artists,” the company said in a statement.

“The company will focus on deepening its presence in Japan and the rest of developed Asia, while planning expansion into the United States and new markets such as the Middle East, with the aim of securing substantial new users and artists,” it added.

A Vertex representative told DealStreetAsia M17’s latest funding round was both larger than the last and at a higher valuation.

“This reflects the progress and value M17 has created since, and the expectation of its continued growth and market domination,” the representative told DealStreetAsia in an email.

In 2018, M17 had raised $25 million in a funding round led by Terry Tsang, CEO of Hong Kong’s mobile game developer Madhead. Temasek Holdings-linked Pavilion Capital, Stonebridge Ventures and existing investors of M17 Entertainment had also participated in that round.

The company also raised a $40 million Series A round led by Infinity Venture Partners in 2017. Other investors in its Series A round had included Vertex Asia Fund, Yahoo Japan, Majuven, Golden Summit Capital and KTB Ventures.

Amid the global pandemic, with many countries on lockdown, M17 has seen an increase in artist and user onboarding, and higher user interaction, the statement said.

Fortune Sohn, managing director at Stonebridge Ventures, said in the statement that M17 was already the largest pure-play live streaming company in Japan, and it was posting an “astonishing rate of growth.”

M17 said it has the largest live streaming platform in developed Asia, with a more than 60 per cent market share by revenue in Japan and Taiwan.

Consultancy Frost & Sullivan forecast in a 2019 report that the live streaming market would grow to $22.09 billion by 2022 globally, from $8.25 billion in 2018.

M17’s estimated annual revenue is $180 million, according to data from Owler.

The company was formed in April 2017 after the merger of Singapore-based Paktor Group and Taiwan-based 17 Media, a regional live streaming company. The company’s main dating applications are Paktor and Goodnight.

M17 had planned to list its Paktor dating and networking app on the New York Stock Exchange in a $115 million IPO in 2018, but it withdrew the application after the IPO roadshow only raised $60.1 million.

Source: DealStreetAsia
View original content here.

Copied

Recent posts

On-Demand Manufacturing Platform Karkhana Bags $1.5 Mn Seed Funding

On-Demand Manufacturing Platform Karkhana Bags USD 1.5M Seed Funding

B2B on-demand manufacturing platform Karkhana.io has raised USD 1.5 M in a seed funding round led by Vertex Ventures Southeast Asia and India. The round also saw participation from several industry leaders and angel investors. Karkhana leverages 3D printing, injection moulding and other technologies to enable custom manufacturing.

12 May 2020
Read more

BT Money Hacks: New digital banking opportunities for consumers and SMEs (Ep 87)

In this week's episode we look at how Singaporean consumers, as well as SMEs and micro enterprises, can benefit from digital banking services. BT's digital editor Chris Lim hosts Hari Sivan, chief executive and founder of SOCASH, a fintech that allows cash withdrawals from shops instead of ATMs.

12 May 2020
Read more

How GlowRoad Has Financially Empowered Indian Women With Its Take On Social Commerce

Incorporated in 2017, GlowRoad recently raised capital which it will be utilising for deeper penetration into the Indian market before expanding overseas. GlowRoad is looking to carve a niche in a tightly-contested social commerce market with a sharper focus on enabling women entrepreneurs in Tier 2 and beyond.

12 May 2020
Read more

Quick Links

    Our Global Network

    Vertex Ventures Southeast Asia and India is part of the global Vertex Ventures network of funds.


    In addition to Southeast Asia and India, the Vertex Global Network is comprised of affiliates in Silicon Valley, China and Israel. This provides a unique platform for our portfolio companies to realize their full potential by leveraging the combined experience and resources of our extensive network of global partners.

    Copyright

    © 2019 by Vertex.

    All rights reserved.

    Legal