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The funding will be used to spur further growth, increase user engagement and ramp up monetisation

Earlier this month, e27 reported that Singapore-based and ASX-listed global digital media company migme was in the process of raising AUD 10 million (US$7.5 million).

Today, the company has announced it has completed the raising of AUD 10.226 million (US$7.76 million).

This is made up of AUD 2 million (US$1.52 million) from Chinese photo and video app developer Meitu , AUD 4.5 million (US$3.42 million) from strategic investors including FoxConn, PT Media Nusantara Citra Tbk (major Indonesian media company) and Malcolm Steinberg (LAI Group, owner of Timezone), as well as AUD 3.7 million (US$2.8 million) from sophisticated investors.

Also Read: Social entertainment company migme now offers curated deals from Lazada and Snapdeal

The funds will be used to generate further growth, user engagement and monetisation.

The company will also resume shares trading today after voluntarily suspending it for nearly two months due to volatile market conditions.

In the June 2016 quarterly report, the company said its Monthly Active Users (MAU) grew by 10.3 per cent to 43 million and its revenue increased by 7 per cent to AUD 7.6 million (US$5.77 million); its cash outflows dropped by 10 per cent to AUD 5.1 million (US$3.87 million) in the same period.

The post migme completes US$7.5M round from Foxconn, Timezone owner, Meitu and major Indonesian media company; resumes trading appeared first on e27.

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