#Asia Singapore-based startup migme signs MOU and raises US$6.99M for Meitu

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The social entertainment platform will work with Meitu to explore joint marketing and product development opportunities

migme

Singapore-based social entertainment platform migme has announced the signing of a Memorandum of Understanding with leading China-based photo and video app developer Meitu.

It will also place 11,650,000 migme shares to Meitu at AU$0.60 (US$0.44) per share, raising AU$6,990,000 (US$5.12 million) for the company. migime’s CEO and Co-founder Steven Goh said that it will be used for working capital, but did not elaborate further.

According to the official press release, migime will work with Meitu to “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, with a focus on Indonesia, India and the Philippines.”

Goh says that with the help of migime’s social features, Meitu will be able to deepen its engagement with its users, and in turn, increase the profile of migime’s users and key influencers such as YouTubers, bloggers, and celebrities. It will also increase monetisation opportunities for migime.

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Although photo apps such as Instagram and Snapchat appear to have a monopoly on the market, Goh believes Meitu’s “beautification feature and more fun video elements” will be better suited for an Asian audience.

Founded in 2008, Meitu has developed a portfolio of photo and video apps such as MeituPic, BeautyCam and Meipai. It claims to have over 900 million users, most of which are based in China, while over 100 million are based outside the country. Apart from software, it also launched two “selfie-optimised” smartphones Meitu M4 and Meitu V4 .

migme touts itself as a global media company that provides social entertainment services through mobile apps migme and LoveByte, artist management website alivenotdead, social news website Hipwee and ecommerce services through Sold. It is headquartered in Singapore and listed on the ASX.

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The post Singapore-based startup migme signs MOU and raises US$6.99M for Meitu appeared first on e27.

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