Singapore: Digital media startup Migme raising $10m in venture funding

Singapore-based and ASX-listed digital media company Migme is raising $10 million in funding, including $2 million injected by its strategic shareholder Meitu Investment Limited and $8 million from other investors. It said other “sophisticated and institutional” investors have expressed their interest in capital raising, and added that it had therefore decided to extend the offer to them. The company has suspended trading since June 30 and will resume on August 4, it said in the ASX disclosure.

“We acknowledge that our extended ASX suspension has not been ideal. Amidst the current market conditions, including Brexit, the suspension has provided the Company with the opportunity to secure funding on the best possible terms,” Steven Goh, CEO of Migme said. The additional capital will be used to grow its user base and increase cash flow for its operations next year.

Migme also announced an alliance with SOSV’s mobile-only accelerator (MOX), which will enable the company’s Android mobile client to be included into MOX’s software development kits for payments and advertising across their platform. SOSV, a venture capital fund with $250 million of assets under management, operates six global accelerators, including Taipei-based MOX for mobile software.

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