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Photo credit: Paktor.

Singapore-based dating and social networking app Paktor acquired a controlling stake in livestreaming platform 17 Media.

“The transaction includes a substantial cash injection into 17 Media,“ today’s announcement read, not revealing the amount of money involved.

Paktor CEO Joseph Phua is taking over the reigns at 17 Media as part of the deal, while former CEO Jeffrey Huang steps into the role of chairman.

17 Media, headquartered in Taiwan, claims to have 15 million users. It’s a mobile app that allows users to do live broadcasts and interact with others in real time. You can earn royalties for content that gets shared a lot.

While 17 was previously popular in Chinese-speaking markets, Paktor says it will bring the app to new markets in Southeast Asia.

Cashed up

After closing a US$32.5 million round in October, Paktor’s total funding sits at US$53 million. It certainly has the financial muscle to make big moves.

The company it acquired is pretty cashed up itself: 17 Media has raised a total of US$33 million to date.

Services at the nexus of socializing, flirting, and dating with the help of online mediation appear to be a lucrative opportunity in Asia.

Paktor is cash-flow positive after introducing a subscription-based service, Joseph told Tech in Asia a few months ago.

Critics have said apps like Paktor work by enticing desperate singles to spend money on premium services and virtual gifts to compete for attention.

We’ve reached out to Paktor for more information on the deal.

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