Top News

Mobile social network Mig33 closes $8.9 million in Series C funding

Mobile social networking service Mig33 has received $8.9 million in Series C funding led by Indonesian telecom entrepreneur Pak Sugiono Wiyono and Japanese social networking service GREE. Existing investors Accel Partners, Redpoint Ventures and DCM also participated in this round of funding.

Mobile social networking service Mig33 has received $8.9 million in Series C funding led by Indonesian telecom entrepreneur Pak Sugiono Wiyono and Japanese social networking service GREE. Existing investors Accel Partners, Redpoint Ventures and DCM also participated in this round of funding.

The Series C funding brings Mig33’s funding to more than $34 million since its launch in 2005. Mig33 received a $10 million Series A round in May 2007 from Accel Partners and Redpoint Ventures. It closed a $13.5 million Series B round in January 2008, led by DCM and joined by Accel and Redpoint.

US-based Mig33 plans to use the funds to support its growth in emerging mobile-first markets like Indonesia, India and South Africa and to further develop its monetisation channel. Mig33 is modelled on successful East Asian social networking services such as Japan’s GREE and China’s Tencent QQ, valued at $2.5 billion and $43 billion, respectively.

“Mig33’s goal is to replicate the East Asian social networking service model to the rest of the world,” Steven Goh, co-founder and chief executive officer, Mig33, has said. “The partnerships we have established today will be strategic in helping us consolidate our lead in emerging Asia, as we tap these big, underserved markets.”

According to Mig33, its social networking service has more than 40 million members across 200 countries. Mig33 allows users to chat, share photos, join groups, send gifts, play games, create avatars, call friends and email through their mobile phones. The service is optimized for more than 2,000 mobile handsets.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close