Le Sports Innovation Fund, the corporate venturing arm of sports media company Le Sports, has invested RMB150m ($23m) in Taiwan-based webcasting platform 17 Media as part of a strategic partnership agreement.
Founded in 2015, 17 is the creator of a platform for live webcasting, enabling users to broadcast live video to a network of viewers, receivign a slice of the profits when they get enough viewers. The app has been downloaded more than 10 million times in eight months.
Le Sports, itself a spinout of China-based online media and electronics group LeTV, provided the cash as part of a strategic partnership deal centred on 17 providing it with a diverse range of diversified user-generated content.
The investment follows $10m of series A funding supplied by venture capital firm Infinity Venture Partners and Sicong Wang, the chairman of Prometheus Capital, in November 2015. It will be put toward strategic expansion in China.
Jeffery Huang, founder of 17 Media, said: “We are grateful for Le Sports Innovation Fund’s recognition.
“17 will keep offering good services to our numerous social webcasting users while working with Le Sports to provide diverse content of entertainment, sports, games, movies and culture & creativity, and to explore more ways of interaction on the platform.”