Singapore-based social dating brand, Paktor Pte Ltd (Paktor), which launched in 2013, has closed a Series B round worth $10 million. Investors participating in this Series B round were Majuven, Convergence Ventures, and Vertex Venture Holdings, a Temasek Holdings unit.
Paktor describes itself as the leading dating app in Southeast Asia and Taiwan, with official statements claiming that they have over five million registered users and five billion profiles reviewed. Since closing a $5 million Series A round in November 2014, it has expanded into new markets, including Indonesia.
According to Paktor, since its Series A, it has doubled it user base, with 12 million matches and 500 million swipes a month, with users returning six times a day to peruse it and spending 13 hours per month on the app. Paktor also claims to be the fastest growing dating app in the region, in terms of downloads and usage.
Commenting on the round, Joseph Phua, CEO and co-founder of Paktor, said, “The funds raised will be invaluable in helping us maintain our aggressive growth. More importantly we’ve forged partnerships with strong players with the close of this round. With the experience and support from our investors, we are even more confident that we are en route to becoming one of the largest global social dating brands.”
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Growing the venture
The latest round of funding will allow Paktor to aggressively grow the brand in existing markets: Singapore, Indonesia, Malaysia, Thailand, Vietnam, and Taiwan. In addition to entrenching themselves in their current market, Pastor also intends to expand into North Asia and other regions of Asia.
Phua said, “We see great potential beyond Southeast Asia and Taiwan for our brand. We’ve become the largest social dating platform in our current markets, so while we continue to grow our position in existing markets, we can now leverage the funds we have raised to turn our attention outside of the region, to the rest of Asia and globally.
Phua added, “This expansion presents great challenges, but also tremendous upside and, with the help of our investors, we have a great opportunity to become the top dating brand globally.”
Talent acquisition is also a core part of what Paktor intends. Since closing its Series A round, its team has grown from 15 members to 50 people. The Series B round will also enable further product development and the addition of features related to localisation, in order to attract and retain users.
With reference to its Asian user base, Paktor found that fellow users preferred to meet in groups, versus more intimate one-on-one sessions. This lead to the introduction of a group chat feature, facilitated through interest cards that describes common interests like hobbies and sports. This feature enabled users to comfortably connect and interact with like-minded individuals.
With dating apps also opening up channels for marketing and advertising, additional revenue generation channels are possible. Given the insights that Pastor possesses into the fragmented markets and cultures of the region, possibilities of selling its data, as well as the addition of social commerce and advertising features, Paktor may diversify and add more features as their product evolves.
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