Singapore’s Start-up, Stream Media Raises $780,000

Stream Media, a Singapore-based mobile start-up has raised US$780,000 in a Series A funding led by Stream Glbal Pte Ltd and Singtel Innov8.

This fresh fund will provide Stream Media with enough resources to further develop and market its MoVend mobile payment product.

MoVend is a mobile in-app payment platform that allows users to buy in-app purchases without leaving the app. On the other hand, MoVend provides developers and publishers with a ready in-app mobile payment system, without having the need to create their own. If the mobile product successfully gained traction among mobile app developers, MoVend could be the world’s standardized in-app payment system.

“We plan for MoVend to become the uniform payment mechanism to enable in-app and virtual goods transactions in all application stores,” said MoVend creator and CEO of Stream Media, Chua Zi Yong.

“We have closed app distribution deals with original equipment manufacturers (OEMs) and operators to use MoVend for their appstores, and will help developers who use our SDK to publish and market their apps in these channels. We will also preload selected high quality games into devices to boost our developers’ revenue.”

Mr Edgar Hardless, Managing Director (Investments), SingTel Innov8 said, “The mobile space needs more high-quality apps as more users turn to their mobile devices to cater for their entertainment and productivity needs. And the ability to easily monetise apps will certainly help encourage developers to continue to produce innovative mobile apps.”

This is SingTel Innov8’s second investment in mobile start-ups. The first was 2359Media, a start-up which builds mobile ad creation platform for marketers to create mobile ads without any hassle. EDBI, another Singapore investment fund had also invested in Smaato, a mobile ad platform that helped publisher monetize their mobile content.