Singapore-based digital media company M17 Entertainment has received $40m in a series A round that featured internet company Yahoo Japan, E27 reported on Wednesday.
Venture capital firm Infinity Venture Partners led the round, which included Majuven, Golden Summit Capital, KTB Ventures and Vertex Ventures, the VC firm owned by Singaporean state investment firm Temasek.
M17 Entertainment was created in April 2017 through the merger of dating app provider Paktor and online streaming platform 17 Media. It aims to establish itself as a multimedia company, producing original content ranging from music to variety shows and TV programming.
The series A funding will be used for expansion across Japan, Indonesia and Hong Kong, though the company has categorically ruled out entering mainland China. It is also present in Singapore, Malaysia, South Korea and Taiwan.
The capital will also support professional staff training and help attract content creators.
Paktor merged with 17 Media in April 2017 after picking up a majority stake in December 2016 for an undisclosed amount. KTB Ventures committed an undisclosed sum the same month to support the merger.
Paktor had raised $52.5m in equity funding from investors including YJ Capital, the investment arm of Yahoo Japan, media group Media Nusantara Citra, Vertex Ventures’ Vertex Asia Fund, Global Grand Leisure, Golden Equator Capital, Sebrina Holdings, Majuven, Convergence Ventures and K2 Global.
17 Media’s backers included LeSports Innovation Fund, the investment arm of online sport streaming platform LeSports, which provided $23m in May 2016, as well as Infinity Venture Partners and Sicong Wang, the investors in its $10m series A round in late 2015.