Telus speed dating
The company also promoted current head of operations Shn Juay to Chief Operating Officer at Paktor Group.
This round was led by Vertex Ventures, a subsidiary of Singapore’s Temasek Holdings.
17 Media owns a photo-sharing and live streaming app that has over 15 million users worldwide.
The deal was Paktor's first acquisition and comes as the start-up looks to diversify into the social entertainment space.
The funds were reported to be used for expansion into different territories and the introduction of new services under the Paktor group.
At this time, the size of the network stood at 1.5 million registered users.
Despite the immature market, there was a lot of interest from consumers and according to a Paktor newsletter, there were 250000 matches in the first 2 weeks of 2014 making Paktor the #1 social networking app for singles in Asia. In November 2017, Paktor Group appointed co-founder and chief technology officer Ng Jing Shen as CEO of Paktor Group, taking over from current CEO Joseph Phua.
Founded in Singapore, the app was launched in June 2013.., In late 2013, Paktor launched a subsidiary called Gai Gai, an offline dating service that focuses on matching-making and dating events.
The startup secured another US million in a venture round with its sights set on expansion in Japan and South Korea.
YJ Capital — the corporate venture firm belonging to Yahoo Capital — led the round, which included participation from fellow new investors Global Grand Leisure, Golden Equator Capital and Sebrina Holdings, as well as existing backers Vertex Ventures (which belongs to Singapore sovereign wealth fund Temasek) MNC Media Group, Majuven and Convergence Ventures.
Paktor announced its next wave of acquisitions in February 2017 with Down, Kickoff, Goodnight and Groopify joining the group and forming the Paktor Labs Division.
Paktor Labs will act as an accelerator for social apps with high potential. As of September 2016, an estimated 12 million people in Southeast Asia use the app every month, with an average of 20 million matches per month and over 5 billion swipes to date.
TELUS has also reached a historic milestone for Canada's 150 Birthday: before the end of the year, the company will have invested more than 0 billion in capital and operations to build and support network infrastructure across the country since 2000.