Dating app Paktor set for $13 million expansion into North Asia

Singapore-based dating platform Paktor announced on Monday (July 11) that it has closed US$10 million (S$13 million) in its latest funding round to fuel its expansion into North Asian markets.

In a statement, Paktor said that it will expand into Japan and Korea, and improve its sales and marketing efforts in Indonesia, to meet increasing demand for its online-to-offline (O2O) services in seven other existing markets - Singapore, Malaysia, Indonesia, Vietnam, Thailand, Taiwan and Korea.

Joseph Phua, chief executive (CEO) and co-founder of Paktor, said: "This latest funding round will allow us to bring our brand to even more young professionals through new channels, O2O services and market launches.

"Our focus remains in Asian markets and this round also brings us one step closer to our mission of connecting singles in Asia through technology- enabled platforms," he added.

Paktor is a Singapore-based mobile-dating app which offers users the chance to reject (swipe left) or approve a match (swipe right) over five million users across Asia. It was launched in 2013 and is targeted towards singles aged 18 to 35.

Ryu Hirayama, CEO of YJ Capital, one of Paktor's new investors, said: "We see Paktor as a high-potential technology company that's disrupting the social dating industry. Paktor is poised to further shake up the space as it expands its business into additional categories and new markets."

Other new investors include Global Grand Leisure, Golden Equator Capital and Sebrina Holdings Venture Capital.

Daren Tan, managing partner of Golden Equator Capital (GEC), said: "We feel that the belief systems and values of the founders resonate with that of GEC's, one has to live and breathe a product with an unrivalled passion in order to succeed. Paktor was born out of necessity - Joseph identified a gap in the market and followed his dreams to succeed in the dating arena."

In February last year, Paktor launched a desktop version of its app. Currently, its services also include a mobile social dating app, O2O events such as one-to-one matchmaking, networking events and coaching workshops.