M17 Entertainment introduced immediately that it has bought its on-line relationship property to give attention to its core reside streaming enterprise in Asia and different markets. Paktor Pte, which operates Paktor relationship app and different providers, was acquired by Kollective Ventures, a enterprise capital advisory agency. The worth of the deal was undisclosed.
In its announcement, Taipei-based M17 stated the sale will enable it to give attention to increasing its reside streaming enterprise in markets together with Taiwan, Japan and Hong Kong.
Earlier this month, the corporate stated it had raised a $26.5 million Series D that will likely be used for progress in Japan, the place M17 claims a 60% share of the reside streaming market, and growth into new locations just like the United States and the Middle East. Its reside streaming apps embrace 17LIVE (an English-language model is known as Livit), Meme Live and live-streaming e-commerce platforms HandsUP and FBBuy.
In a press release, M17 CFO Shang Koo stated, “As our Japan reside streaming enterprise has skyrocketed, we discovered we had been unable to dedicate the identical degree of inside sources to our relationship enterprise in Southeast Asia. Becoming impartial will enable Paktor to manage its personal future as M17 focuses closely on the way forward for its streaming providers in our largest market, Japan.”
Paktor will function independently of M17 after the sale, however Koo stated “we hope to proceed working with Paktor on future enterprise cooperation and can at all times worth the synergy and teamwork between M17 and Paktor.”
M17 was fashioned in April 2017 when Paktor merged with 17 Media. A yr later, M17 was imagined to go public, however cancelled its preliminary public providing on the New York Stock Exchange on the identical day it was supposed to start out buying and selling, citing “points associated to the settlement” of shares that CEO Joseph Phua later defined intimately to Tech in Asia.