Singapore’s capital advisory and investment firm Kollective Ventures (KV) said Thursday it has completed the acquisition of dating company Paktor Group from M17 Entertainment and it plans to invest further to expand into the video and voice dating sector.
Paktor owns a few dating assets, including its namesake application, a swipe-based application popular in Taiwan, Korea and Southeast Asia, and Goodnight, the number one voice-dating application in the region, KV said in a statement.
This deal marks KV’s foray into full buyouts, beyond minority equity investments, it added.
“We have known the management at Paktor for many years now. Paktor is a rock solid asset with many high potential products under its wing. The dating industry in Asia has been growing rapidly in recent years. We look forward to announcing several growth initiatives in the near future,” said KV managing partner Kheng Lian Ho.
“We are excited to join the KV family. Paktor has firmly established itself as the leading dating group in the region and we believe with the support of Kheng Lian and her team, we will be able to push into high growth areas like video and voice dating. Global dating leaders have shown the immense size of these businesses but in Asia, the growth is only just starting,” said Paktor CEO Shn Juay.
The combined listed value of global dating companies exceeds $25 billion – the global dating market is fast growing and evolving, most recently to incorporate video and voice elements into its mix, KV said.
“Video and voice dating have proven its potential through many fast-growing products globally and Paktor is well poised to capitalize on this trend with its push into the arena armed with additional capital from KV,” it added.
M17 Entertainment, a Taiwan-based operator of live streaming platform, has officially withdrawn its initial public offering in the US back in July 2018. The IPO initially aimed to raise a total of $115 million.