Local startup 17 Media weds dating app Paktor
Tinder-like Paktor acquired a controlling stake in 17 Media, co-founded by rapper-turned-entrepreneur Jeff Huang, for an undisclosed amount in December.
Paktor CEO Joseph Phua will reportedly serve as the CEO of M17 Entertainment, while Huang oversees the group as chairman of the Board of Directors.
According to Singapore-based news site Tech in Asia, the new M17 boasts a 200-strong team and revenues have increased 10-fold within half a year to US$100 million, and are expected to rise to US$200 million by the end of the fiscal year.
50 Million Users
Despite not yet being well known outside the Chinese-speaking world, apps operated by the companies have more than 50 million combined users around the world.
After the merger, the two companies will continue operating under their original brand names, 17 Media and Paktor.
Founded in 2015, the Taiwanese startup says it is the top live-streaming platform in Taiwan and Hong Kong, while ranking among the top three in Indonesia, Singapore, Thailand and Malaysia.
Meanwhile, the fast-growing Paktor says it has become the dating app leader in Singapore, Vietnam, Taiwan and South Korea.
Merging with 17 Media is the Singaporean startup’s latest major move, after taking over a string of dating apps such as U.S. hookup app Down, voice-chat dating app Goodnight and group dating app Kickoff. It then relaunched in South Korea as Swipe, appointing a former top Jiayuan executive as chief financial officer.