/Singaporean digital media, Migme landed USD 1.5 M from China’s selfie app maker Meitu

Singaporean digital media, Migme landed USD 1.5 M from China’s selfie app maker Meitu

Global digital media company Migme recently told the Australian Securities Exchange (ASX) that it has completed its latest round of financing, amounting to USD 7.7 million, into which China’s selfie app maker Meitu invested USD 1.5 million.

This is the second time that Meitu invested in the ASX-listed Migme. Earlier this March, Meitu invested USD 5.12 million into Migme, wanting to have its photo-editing tools integrated with Migme’s social entertainment platform.

Migme was founded in 2005 and headquartered in Singapore. The company was listed on the ASX in August of 2014. Its core platform for social networking and entertainment is Migme, where users can chat, post, play games, and exchange virtual gifts. Profits are generated from users’ purchase of virtual gifts, emoji, wallpapers, game equipment, etc.

In February of 2014, Migme acquired Alivenotdead, an online community founded in 2007 that is dedicated to helping artists network and find global working opportunities.

In October of 2014, Migme acquired LoveByte, a mobile app where loving couples are ensured with a private online space to communicate, share things, and record precious moments.

In January of 2015, Migme acquired Sold, an online auction house where customers can bid and buy quality products at a competitive price.

In addition, Migme announced earlier this month that it has secured an alliance with MOX Accelerator. By integrating its platform into the development kit of MOX, Migme earns a potential Android user group of 135 million.

In a word, the listed Migme is doing well; and its “returned investor” Meitu has not been simply making investments. According to the Wall Street Journal, Meitu is preparing to raise USD one billion through a listing on the Hong Kong Exchange (HKEX).

(Top photo screened from Migme)

Ke graduated from the University of Edinburgh with a Master's Degree in English and has worked on projects with Ipsos MORI and SDI Media. She's particularly intrigued by China's thriving technology scene and is eager to write about this flourishing industry.