Dating app provider Paktor has acquired Taiwan-based webcasting platform 17 Media, providing an exit to sports media company Le Sports, Tech in Asia reported today.
The size of the deal was not disclosed, though Paktor said it made a “substantial cash injection into 17 Media”. Joseph Phua, chief executive of Paktor, will become CEO of 17 Media, while Jeffrey Huang, the startup’s outgoing CEO, takes on the role of chairman.
Founded in 2015, 17 Media is the developer of a live webcasting platform that allows users to broadcast real-time video to a network of viewers, and then collect a slice of the profits if the content is widely shared. The company says it has 15 million users.
17 Media already claims a large following in Chinese-speaking markets of east Asia, with Paktor set to expand the app’s coverage to Southeast Asia.
Le Sports Innovation Fund, the investment arm of Le Sports, provided $23m in May 2016 as part of a strategic partnership agreement under which 17 Media agreed to provide the corporate with user-generated content.
Remaining shareholders in 17 Media include VC firm Infinity Venture Partners and Sicong Wang, the chairman of boutique investment bank Prometheus Capital. Both parties participated in a $10m series A funding in November 2015.