Paktor Group, today announced that it has secured $32.5 million in the new financing round led by U.S.-Asia-based K2 Global and Indonesia’s MNC Media Group, with participation from other existing and new investors.
The company will use the funding to further expand its product portfolio into social entertainment arena. The new financing brings total capital raised to $57.5 million and comes on the heels of a record-breaking year for the Group during which revenues are expected to grow beyond 22x from 2015.
Paktor claims to have achieved 20 million registered users, and since the launch of in-app premium subscription services at the end of 2015, its app revenues have surged, contributing in part to the group’s 22x YoY revenue growth. It recently hit net profitability and is yet to touch the $10 million round that it closed earlier this year.
Joseph Phua, CEO, and Co-Founder of Paktor Group says that there has been a strong shift in user behavior within the consumption of interactive media entertainment on mobile platforms. And, as the company maintains its stronghold in the Asian region being the leading dating firm, it’ll put the muscle behind its strong network and mobile expertise to expand into new business lines within social entertainment.
While, Ozi Amanat, Managing Partner, K2Global is excited to support Paktor Group as it extends their Asian leadership into the social entertainment arena.
The app has introduced various features to drive user engagement and improved match rates. They have been received warmly by users; completed Paktor profile ratings improved by 100% while App Stores’ review score improved to 4.5 stars. The set of features includes Paktor Rewards, Paktor Questions, and also added One-Touch Gifts, which effectively reduced the number of steps for users to send a Paktor virtual gift to indicate interest.
Founded in July 2013, Paktor Group is the largest and most successful mobile and ancillary dating, and social entertainment brand in the Southeast and North Asia. It is the first in the region to provide a comprehensive suite of products across the dating vertical, focused on creating value for singles seeking to connect with others, and, in the process, developing the most diverse and largest network in its markets.