Taipei-based social media firm M17 Entertainment has secured USD 26.5 million in a Series D funding 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, who was working at ORTUS LAB before branching out to an entrepreneurial path in creating M17 Entertainment.
M17 Entertainment operates the largest live streaming platform for developed Asian markets with over 60% market share by revenue in both Japan and Taiwan. Their goal is to create a brand new way of communication to build a strong community and connect with anyone in the world, and also aims to empower artists worldwide through online live streaming services.