Singapore digital media firm migme raises $5m from photo editing app partner Meitu

Visual from Meitu website.

ASX-listed, Singapore-based digital media company migme has raised AU$6.99 million ($5 million) from strategic partner Meitu Investment Ltd, a leading video and photo editing app.

As part of its memorandum of understanding with new strategic partner Meitu, migme has placed 11,650,000 of its shares with the photo-app firm at AU$0.60 apiece raising AU$6,990,000.

The MoU will explore joint marketing and product development opportunities.

migme plans to work with Meitu to implement content-sharing across both platforms, localisation, joint and cross marketing. The tieup will target migme’s key markets in the South and Southeast Asian region, with a focus on Indonesia, India and the Philippines.

For Meitu, the partnership could lead to deepening its reach. For migme, it will add substantial engagement to its platform, particularly for the users and key influencers in the community (which include migme artists, bloggers, YouTubers, celebrities, etc).

Meitu has over 900 million users across its portfolio of products. Its users are predominantly in China, but include over 100 million overseas users.

“We are excited to have Meitu as a strategic partner. As one of the largest photo and video apps in the world, they are a leading content producer for China and East Asia, and we very much look forward to our collaboration together.” said migme CEO Steven Goh.

Goh adds, “Cooperation between Meitu’s amazing products and migme as a platform, could provide an experience set comparable to an Instagram and Snapchat experience, and be a great service for all our key influencers, opinion leaders, driving further growth, engagement and monetisation of the business.”

In 2015, the revenue of Migme reached $8.7 million, according to their statement. The company also owns social entertainment apps Migme, LoveByte, artist management platform Alivenotdead and ecommerce platform Sold.

Also Read: 

VC Dealbook: Migme acquires 2 Indonesian ventures; SK Group launches $25m agribusiness fund

AUS-listed Migme raises $10m in placement, to bolster presence in Indonesia, Philippines & India

migme enters e-commerce, buys Sold.sg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.