Stream Media, a Singapore-based applications payment provider, has raised S$1m ($800,000) in its series A round, led by local phone operator SingTel’s corporate venturing unit.
SingTel Innov8 money will help Stream Media’s develop its payment platform, MoVend, for online games published by UK-based Hyperbees and China’s GoodTeam Studios.
Launched in July last year, MoVend is available for Android phones and will be available on the Apple iPhone, BlackBerry OS and Windows Phone 7 mobile devices within the year.
Edgar Hardless, managing director of investments at SingTel Innov8, said: "The mobile space needs more high-quality apps as more users turn to their mobile devices to cater for their entertainment and productivity needs. And the ability to easily monetise apps will certainly help encourage developers to continue to produce innovative mobile apps."