Photo and video mobile app producer Meitu invested A$7m ($5.2m) in Singapore-based digital media company Migme on Thursday through a private placement.
Migme’s core business is its eponymous chat, microblogging and entertainment app, through which it generates money from in-app purchases, linking to side businesses.
The investment gave Meitu a stake of just under 5% in ASX-listed Migme, Migme founder Steven Goh told Tech in Asia. It was made alongside the signing of a memorandum of understanding to explore joint marketing and product development opportunities.
Migme floated on ASX in 2014, and has a secondary listing on the Deutsche Borse exchange. Its earlier investors include FIH Mobile, a subsidiary of contract electronics manufacturer Foxconn.