(This article has been updated with new details and comments from Paktor)
Kollective Ventures (KV), a capital advisory and investment firm based in Singapore, announced today that it has completed the acquisition of Paktor Group from Taiwan-based M17 Entertainment.
Paktor is the umbrella that owns a few dating assets, including its namesake app available in Taiwan, Korea and Southeast Asia; and Goodnight, a voice- dating app.
This deal, the details of which were not disclosed, also KV’s foray into full buyouts, beyond minority equity investments.
Kheng Lian Ho, Managing Partner of KV, said: “Paktor is a rock solid asset with many high potential products under its wing. The dating industry in Asia has been growing rapidly in recent years. We look forward to announcing several growth initiatives in the near future.”
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“Both entities have set their sights on the dating industry, which has demonstrated tremendous growth potential. We are also confident that we can leverage on each other’s strengths to gain stronger foothold in the voice and video dating landscape,” a Paktor spokesperson told e27 in an emailed response. “With KV, Paktor will be well-positioned to strengthen our business focus on dating innovations in Asia and to gain more autonomy on resources utilisation.”
In the coming quarters, Paktor Group will continue to drive profitability, stay nimble and use our resources efficiently to support growth across all business units. The spokesperson claimed that the launch of video dating on the Paktor app has seen promising results and the group will continue to refine its product and app experience. “Our voice-dating app, Goodnight continues to stay as market leader in the dating app category in key markets.”
Founded in July 2013, Paktor Group’s other products include Down, Sweet, and Kickoff, In addition, it also runs offline matchmaking agency GaiGai and image and date coaching agency Fleek.
In 2016, Paktor raised US$32.5 million in a funding round, led by K2Global, with participation from existing investor, Indonesian conglomerate PT Media Nusantara Citra Tbk. This was preceded by a US$10 million from investors, including YJ Capital, Global Grand Leisure, Golden Equator Capital and Sebrina Holdings Venture Capital.
In April 2017, the group announced a merger with the Taiwanese startup to form a social entertainment company, called M17 Entertainment. This deal came almost four months after it acquired a big stake in live-streaming company 17 Media.
In March, TechInAsia reported that Paktor conducted multiple layoffs since 2018. Its headcount fell from about 250 to 190 between 2018 and 2019.
KV is a boutique advisory focused on capital raising, investments and mergers and acquisitions. It has raised funds for and/or invested in top technology companies and venture capital funds including SpaceX, M17 Group, Coffee Meets Bagel, Vertex Ventures and Monks Hill Ventures to name a few. We work with family offices, UHNWs, institutions and top founders.
The global dating market is fast growing and evolving, most recently to incorporate video and voice elements into its mix. Video and voice dating have proven its potential through many fast growing products globally. Paktor said it will capitalise on this trend with its push into the arena armed with additional capital from KV.
With the evolving COVID-19 pandemic, there is strong and sustained demand for meaningful virtual connections, according to Paktor. “We see increased desire from singles across our two dating apps and matchmaking arm as singles have increasingly accepted that social distancing may be the new norm but it should not stop them from connecting with compatible singles virtually.”
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