LeSports Innovation Fund and its partners have invested RMB150 million (US$23 million) in Taiwanese live webcasting social platform 17 Media to help it expand its reach in the Greater China region, according to an announcement.
Founded by Jeffrey Huang and Tai-Yuan Chen in 2015, 17 Media’s webcasting social app allows users to do live broadcasts whenever and wherever they want while interacting with other users in real time.
The company has hit more than 10 million downloads within eight months, it says. A popular webcasting presenter on its platform makes as much as US$6,000 every month.
The start-up previously received funding from Prometheus Capital, a venture and private equity fund established by Wang Sicong, son of Asia’s richest man, Dalian Wanda Group’s chairman Wang Jianlin.
Infinity Venture Partners is also a backer of the company.