Singapore based migme has raised US$1.5 million from Chinese photo sharing company Meitu, at an issue price of $0.47 migme per share. The latter becomes a substantial shareholder in the former following the investment.
Migme revealed the news in an announcement made with Australian Securities Exchange (ASX) today. Earlier this March, Meitu had invested US $5 million in the social media tech company gaining just about 5 per cent rights. After this investment, its stake lifts up to 5.71 per cent. ASX’s recognizes a firm as a substantial shareholder in another if it has more than 5 percent voting rights in the company.
Further information concerning the company’s capital raising will be announced by the company on or prior to the commencement of trading on July 12, 2016.
the announcement stated.
Listed on the ASX in 2014, Migme delivers social entertainment services through mobile apps migme and LoveByte, artist management website Alivenotdead, Indonesian social news website Hipwee and fashion store Shopedeca, and ecommerce site Sold. The company has been expanding to emerging markets of Asia – Indonesia, Philippines, India acquiring a handful of startups for the same.
It has offices in Malaysia, Indonesia, Taiwan and Hong Kong. In a report released earlier this year, numbers had depicted a remarkable growth. It raised its revenue by 525 percent to US$8.7 million in 2015 from the previous year, decreasing its net loss by 27 percent to US$14.9 million.
Last month, Migme announced the launch of the Migshop store in a move to increase user engagement and revenue of its e-commerce offering. It offers curated items from major Southeast Asian ecommerce platform Lazada and India-based online marketplace Snapdeal. Users can access migshop via the web and mobile web channels. The store is accessible to users from Indonesia and India for now, but soon it plans to expand to Philippines and other markets in the region.