In brief: Paktor owner M17 Entertainment nets $25m in fresh funding

Social entertainment platform M17 Entertainment announced that it has successfully raised US$25 million in a funding round led by Terry Tsang, CEO of Hong Kong-based mobile game developer Madhead. Pavilion Capital, Stonebridge Ventures, and existing investors also participated in the round.

The company – whose products include livestreaming platform 17 Media and dating app Paktor – will invest in research and development to boost its technical capabilities, as well as to actively diversify its content and services. It will also equip streamers with resources such as expert advisers and a training curriculum.

M17 Entertainment is expected to rake in US$180 million in annual revenues this year.

Source: M17 Entertainment