Taiwan-based live streaming portal M17 Entertainment has attracted $26.5m in a series D round backed by diversified electronics firm Kaga Electronics and automotive-focused consulting firm ASE Global.
The deal was led by Vertex Growth Fund, a vehicle for Singaporean state-owned venture capital firm Vertex Ventures, with participation from Innoven Capital Singapore and Stonebridge Korea Unicorn Venture Fund.
Formed in 2017 through the merger of dating app provider Paktor and online streaming platform 17 Media, M17 runs a live video streaming marketplace catered to distributing entertainment from young, upcoming artists in Asian markets.
The service claims to provide the artists with a robust revenue share while satisfying greater demand for on-demand video content through online channels.
M17 said it had secured a 60% market share in Japan and Taiwan, and will use the funding to expand further, also entering new geographies such as the US and Saudi Arabia.
M17 Entertainment previously priced an initial public offering on the New York Stock Exchange in 2018, only to cancel plans just two hours before trading was meant to start.
The company then returned to private equity markets for a $25m round that December led by private investor Terry Tsang with contributions from Singaporean government-owned Pavilion Capital, Stonebridge Ventures and undisclosed existing investors.
M17 Entertainment had previously opened a $40m series A round backed by internet company Yahoo Japan and led by Infinity Venture Partners.
Majuven, Golden Summit Capital, KTB Ventures and Vertex Ventures also took part in the series A round.