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The deal makes Meitu a substantial shareholder in the Singapore-based social entertainment company migme

Leading Chinese photo and video app developer Meitu has now become a substantial shareholder in migme after raising US$1.5 million for the Singapore-based and ASX-listed social entertainment company

In March this year, Meitu made an initial US$5.12 million investment in migme through an allocation of 11,650,000 shares at US$0.44 each.

According to a spokesman for migme, this move suggests that Meitu is on a steady course to increase its presence in key Southeast Asian markets such India, Indonesia and the Philippines. In March, migme said the goal was “to implement the sharing of content across the Meitu and migme platforms, localisation, joint and cross marketing initiatives for migme’s key markets in the South and Southeast Asian region”.

In addition, Meitu could also be laying the groundwork for a possible IPO.

Since the MOU in March, migme has already integrated Meitu’s beauty apps into its platform. Their joint effort focusses on leveraging complementary member base to increase users and revenue for both companies.

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