Taiwan-based live video broadcasting platform operator Next Entertainment secured $25m in series A funding on Wednesday from backers including livestreaming company Inke and mobile game producer FunPlus.
Venture capital firms GSR Ventures, Mayfield Fund and Signia Venture Partners also participated in the round, with FunPlus contributing through the $50m corporate venturing vehicle it formed in February this year.
Incubated by China-based Inke and FunPlus, Next runs an app called MeMe that lets users stream live video to an audience that they can curate and interact with, receiving money through virtual gifts their viewers can choose to send them.
The platform has been set up to function similarly to Inke, which makes use of virtual gifts and includes a feature directing users to local performers.
Next has employees spread across the US, Japan, China and Taiwan, where it launched last month. The company plans to expand to other markets in 2017.
Andy Zhong founder and CEO of both Next Entertainment and FunPlus, said: “We are excited about live streaming as a form. By building ways for content creators to engage and interact with their fans in real time and to earn money doing it, Inke has changed people’s lives.
“We are going to expand that globally. There is a revolution happening in the entertainment industry, and we’re happy that our partners at Inke and our series A investors are part of it.”