Singapore-based Paktor Pte Ltd, which describes itself as a full-service lifestyle and social dating platform, Monday said it had closed a $10-million venture investment led by YJ Capital, the corporate venture capital arm of Yahoo Japan, with participation from Global Grand Leisure, Golden Equator Capital and Sebrina Holdings Venture Capital.
With this round, the firm has raised in excess of $20.5 million to date. Earlier this year, it secured a round of venture funding from MNC Media Group in March, whose financial terms were undisclosed.
“We see Paktor as a high-potential technology company that’s disrupting the social dating industry. Paktor is poised to further shake up the space as it expands its business into additional categories and new markets,” spoke Ryu Hirayama, CEO of YJ Capital, regarding the investment.
Paktor’s latest round of funding will be used to fuel its expansion into North Asia, – Japan and South Korea – as well as expand sales & marketing activities in Indonesia, in addition to meeting rapidly increasing demand for its online-to-offline (O2O) services in Singapore, Malaysia, Indonesia, Vietnam, Thailand, Taiwan and Korea.
Joseph Phua, CEO and co-founder of Paktor, said, “This latest funding round will help further grow our leadership in the rapidly growing lifestyle and social dating space, and allow us to bring our brand to even more young professionals through new channels, O2O services and market launches.”
“Our focus remains in Asian markets and this round also brings us one step closer to our mission of connecting singles in Asia through technology- enabled platforms” Phua added.
Daren Tan, Managing Partner of Golden Equator Capital added: “We feel that the belief systems and values of the founders resonate with that of GEC’s, one has to live and breathe a product with an unrivalled passion in order to succeed. Paktor was born out of necessity – Joseph identified a gap in the market and followed his dreams to succeed in the dating arena.”
Since inception in 2013, Paktor has evolved into a full-service, multi-asset lifestyle platform that targets singles between 18- 35 years of age seeking to socialise. Its suite of services includes a mobile social dating app, web dating platform and O2O events (e.g. premium one-to-one matchmaking) and various other services across an array of markets.
According to the company, with the expansion of its O2O services and aggressive mobile push, it expects to generate net revenue in excess of $10 million for 2016.