Singapore-based Paktor, the leader in Southeast Asian mobile dating services, has secured $32.5 million in new funding to expand into the mobile entertainment area.
Paktor was launched in 2013 by the Paktor Group, which is led by CEO and co-founder Joseph Phua.
Prior to this fundraising, Paktor raised $10 million four months ago.
The latest capital increase was led by led by US/Asia firm K2 Global, Indonesia’s MNC Media Group and also includes pre-existing investors such as YJ Capital and the Corporate Venture Capital arm of Yahoo Japan.
While the previous fundraising was used to expand into Japan and Korea, the new funding will be used for expansion into the social entertainment arena.
Phua came up with the idea to have a Tinder-like app in order to broaden his social life.
He then spent US$3,000 to recruit a team to work on a minimum viable product (MVP), which they launched in Southeast Asia as a test market.
Phua then conducted his first fundraising to enhance the app as well as expand beyond Southeast Asia into Taiwan and Hong Kong.
The latter two countries are now Paktor’s strongest markets.
K2Global Managing Partner Ozi Amanat said “K2Global is excited to support the Paktor Group’s plans to extend their Asian leadership into the social entertainment area, as Paktor has shown tremendous traction and growth over the past year.
We’re confident that the team has the passion and experience to propel the company forward and to build the leading social entertainment platform in the region.”
Paktor has released several new features since its 2013 launch to improve user engagement and match rates.
For example, Paktor Rewards is a loyalty program that encourages returning users to earn Paktor credits by performing in-app actions such as completing a user profile.
Paktor Questions are random poll queries which users can answer and also guess other users’ answers (each correct guess earns credits).
One-Touch Gifts makes it easier to send a Paktor virtual gift to other users.
Paktor also provides offline matchmaking through its Singapore-based GaiGai system, which enjoyed strong growth in 3Q16.
GaiGai expects to grow further as it enters new Asian markets.
Phua firmly believes that social entertainment is a key area, and he will focus on building this platform (such as media content) and combining it with Paktor’s existing strong Asian network and mobile expertise.