Taipei-based social media firm M17 Entertainment has secured USD 26.5 million in a Series D round led by Vertex Growth Fund. Also participating in the round was Stonebridge Korea Unicorn Venture Fund, Innoven Capital Singapore, Kaga Electronics Co. Ltd. and ASE Global Group in New York.
The company announced in a statement that the funds would go towards acquiring new users and artists, which will drive growth in Japan and Asia. The firm also plans to expand into other key markets, including the US.
Founded in 2015 by tech entrepreneur Joseph Phua, M17 Entertainment operates the largest live streaming platform for developed Asian markets with over 60% market share by revenue in both Japan and Taiwan. The company aims to empower artists worldwide through its online live streaming services.