Paktor Announced 98 Billion Rupiah of Investment
Singapore-based social dating platform Paktor announced its accomplishment in securing $10 million of Series B funding, equal to 130 billion Rupiah, from a group of investors consists of Majuven, Convergence Ventures (Indonesia-based one), and Vertex Ventures Holdings. The funding will be allocated to maintain the company’s good run in Southeast Asia as well as strengthen its expansion in Asia, including East Asian countries.
Paktor’s Co-Founder and CEO Joseph Phua stated in his release, “This funding will be very valuable to maintain Paktor’s aggressive growth. More importantly, we’ve created a strong partnership with the big players in the industry through this funding. With our investors’ support and experience, Paktor is confident that it’s on the right track to be one of biggest social dating brands in the world.”
About his expansion plan, Phua explained, “We see a huge potential for our brand in Taiwan and other countries outside Southeast Asia. Paktor’s been the biggest social dating platform in the existing countries, so while we’re adding more focus to those areas, the funding enables us to focus to other markets in Asia and around the globe as well. This expansion indeed is a huge challenge, but it will also be Paktor’s massive accomplishment, we have a great chance of becoming the biggest dating brand in the world.”
As a whole, Paktor now has five million users, and its matrix shows a significant growth in term of users’ activeness.
Convergence Ventures joined the rank because Paktor displays an excellent performance in regarding Indonesia as its fundamental market. They hope that the investment company founded by Adrian Li and Donald Wihardja will provide the benefit and knowledge on local market they need to help Paktor builds its network even more aggressively.
Paktor regards knowledge on local wisdom, especially in Asia, is an essential material to its growth. Based on its research and deep understanding on the local culture, Paktor identifies that Asian people tend to prefer meeting new guys in a group, rather than meeting a new guy in an intimate session which involves two persons only.
Based on this finding, Paktor introduced Group Chat feature via Interest Card. Another good finding made by the startup stating that users spend 13 hours of their time in a month using the app and logging in for six times a day in average.
Update: Funding nominal got corrected, from US$ 10 million to SG$ 10 million