SINGAPORE: Singapore-based social dating app Paktor has received S$10 million in new funding from venture capitalists.
The Series-B funding round is a joint effort by Majuven, Convergence Ventures and Vertex Venture Holdings. Vertex is a wholly-owned subsidiary of Temasek Holdings.
Paktor said expansion remains a top priority for the dating app, and the new funding will be used to grow its business in existing markets as well as expansion into new markets in Asia.
Mr Joseph Phua, CEO and co-founder of Paktor, said: “We can now leverage the funds we have raised to turn our attention outside of the region, to the rest of Asia and globally. This expansion presents great challenges, but also tremendous upside and, with the help of our investors, we have a great opportunity to become the top dating brand globally.”
Part of the investment will be channelled to product development. These will include improving Paktor’s existing set of app features by adding localised offerings, such as in-app gifting and group chats.
Since Paktor closed its Series A round six months ago, it has expanded into new markets including Indonesia, doubling its user base across Asia to over five million.
Besides growing its user base, the Paktor team has also grown to 50 team members, up from 15 six months ago. Paktor said the app creates 12 million monthly matches with 500 million monthly swipes.
Users are also spending about 13 hours a month on the app, returning six times daily on average to match and chat with other users.
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Disclosure:is a portfolio company of Convergence Ventures