Asian streaming company M17 Entertainment, which recently merged with Singapore-based dating startup Paktor, has closed a $40 million Series A round.
This new funding will be used to increase M17’s roster of streaming talent — the company agrees contracts with its streamers and celebs, much like a talent agency — and expand into new genres, such as reality TV, variety shows and music, the company said. M17 will also launch its service in new markets in Asia.
Taiwan-based M17 claims to have 30 million users while it counted over 50,000 streamers — aka content producers — as of April. Its streaming service is currently available in Taiwan, Hong Kong and Southeast Asia, but it currently includes only streamers from Taiwan. China is another target.
The round was led by existing investor Infinity Venture Partners from Japan. New investors Golden Summit Capital and Korea’s KTB Ventures joined, too. Thanks to the merger deal M17 has quite a complicated cap table. M17 had previously raised $33 million from investors.
M17 CEO Joseph Phua told TechCrunch in April — the time of the merger — that the company was on track to gross $100 million in annual revenue with streaming a major contributor.
The company looks like it is dipping into that Chinese live-streaming playbook for the rest of Asia, but it is up against competitors.