M17 Entertainment has announced that it has sold its online dating assets to focus on its core live streaming business in Asia and other markets. The value of the deal was undisclosed. Taipei-based M17 said the sale would allow the company to focus on expanding its live streaming business in markets like Taiwan, Japan, and Hong Kong.
Paktor Pte, the parent company of Paktor dating app and other services, was acquired by Kollective Ventures, a venture capital advisory firm. Paktor will operate independently of M17 after the sale.
Over the buying of the dating assets, CEO of Paktor Group Shn Juay said, “We are very excited to join the KV family. Paktor has firmly established itself as the leading dating group in the region and we believe with the support of KV’s Managing Partner, Kheng Lian, we will be able to push into high growth areas like video and voice dating. Global dating leaders have shown the immense size of these businesses but in Asia, the growth is only just starting.”
M17 Entertainment Limited functions as the largest live streaming platform in developed parts of Asia. The Company’s goals are to authorize artists and entertain the world via its platforms. Anyone who has a passion to share his art can be an artist on the company’s streaming platform. M17 platform includes live-streaming apps like 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 business is skyrocketing, we are unable to devote the same level of internal resources and time to our dating business in Southeast Asia. Becoming independent will allow Paktor dating app to have control of its destiny so that M17 can focus on the future of its streaming services in its largest market, Japan.”
Koo further added, “We hope to continue working with Paktor on future business cooperation and will always value the synergy and teamwork between M17 and Paktor.”
M17 earlier said it had raised USD 26.5 million to be used for growth in Japan, where M17 claims a 60 percent share of the live streaming market. The company further plans to expand into new places like the US and the Middle East.
M17 came into existence the year 2017 in April when Paktor merged with 17 Media. Almost a year later, M17 was supposed to go public but had then canceled its initial public offering on NYSE (New York Stock Exchange) on the very same day that it was planning to start trading. The NYSE offering was canceled over issues related to the settlement of shares.