migme raises fresh capital, acquires Indonesia’s Hipwee and Shopdeca
Since listing on the ASX in 2014, social entertainment platform Migme has been on an acquisition spree. It earlier bought LoveByte, a chat app for couples, and invested in games developer MatchMe. It also snapped up AlivenotDead, an online community for celebrities to connect with fans, and ecommerce platform Sold. Today, it announced two more acquisitions, this time Indonesian social news site Hipwee and Indonesian fashion estoreShopdeca.
Hipwee delivers original and community-generated content focused on entertainment, relationships, and travel. It targets Indonesian urbanites.
On the other hand, Shopdeca has two ecommerce sites (shopdeca.com and sportdeca.com) that provide curated lifestyle products for Indonesian consumers.
Migme says the new investments will grow its foothold in Indonesia, one of its “key target markets.”
CEO Steven Goh tells Tech in Asia the deals amounted to a total of A$3 million (over US$2 million) in cash and equity, and were partly funded by proceeds of a A$3.5 million (US$2.5m) convertible note placement to new investors, led by Lucerne Investment Partners.
Migme isn’t eyeing any more acquisitions at the moment, but the buying binge will probably continue next year.
“We raised more cash than we needed,” Steven says. “It’s likely we’ll acquire several more companies in 2016.”
Apart from Indonesia, the company is looking at other priority markets, namely India and the Philippines.