Paktor, a dating app based in Singapore, has today secured $7.5 million in Series B funding led by Majuven, Convergence Ventures along with the participation of existing investor Vertex Venture Holdings.
Launched in 2013 by Joseph Phua, is a dating app that utilizes a double-blind model . Users have to register and create an account in the app or sign-in with the Facebook account to use the service. Photos from Facebook are taken to personalize the account. To chat with other user, both the users have to swipe right on each other showing that they are mutually interested in each other. Since its launch, the app has been all about the romantic relationships of people; its very name is Hokkien which mean ‘going on a date.’
Phua said, “The idea came about around 2 1/2 years ago when I was dumped by my ex-girlfriend of 8 years. I was studying in Chicago at that time and found it difficult to pick up girls. I then turned to using different mobile dating application like Match, eHarmony, Skout, OkCupid. Hiding behind an app was more palatable to me.” But he couldn’t do the same after returning back to Southeast Asia as there was no app that was meant for the locals. So he decided to start one of his own for him and to help other Southeast Asians which was resulted in the inception of Paktor.
The app did not want be just another dating app, it has bigger ideas. “As the company and its vision progressed, as we learned more things, we realized that people meet other people at different parts of their lives,” he said. “The y can be at work, out with friends and drinking, at activities where friends invite new friends. Thinking larger, you can meet new people during every aspect of your life, as what we want to try to do is fulfill and serve those aspects within one platform,” he added.
Apart from the current fund-raising, around a six months back Paktor had closed Series A round of around $3 million from Vertex Venture Holdings. It has also raised $500,000 in Pre-Series A round early last year from an anonymous seed investor and a group of Hong Kong-based angel investor. The funding now totally adds up to $12.3 million.
The startup plans to use its new funds to expand its operations in the existing markets and grow into new markets in Asia. One portion of the money would be invested in product development. These will improving Paktor’s existing set of app features by adding localized offerings like in-app gifting and group chats.
Phua 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.”
Apart from plans to increase its user base, the employee team of Paktor has grown from 15 to 50 in six months. Paktor claims the app creates 12 million monthly matches with 500 million monthly swipes.