Local Tinder-like app Paktor draws another SG$10mln in funding

Singapore-based social dating brand, Paktor has completed Series-B funding of SG$$10 million. Since its launch in 2013, Paktor has grown to over five million registered users and 5 billion profiles reviewed in Southeast Asia and Taiwan.This round of funding is a joint effort by Majuven, Convergence Ventures, and Vertex Venture Holdings (a wholly-owned subsidiary of Temasek Holdings).Since Paktor closed its Series-A round 6 months ago, it has expanded into new markets including Indonesia, doubled its user base, and has shown over 100% growth on multiple metrics, including profile reviews and matched users.Joseph Phua, CEO and co-founder of Paktor, said, “The funds raised will be invaluable in helping us maintain our aggressive growth. More importantly we’ve forged partnerships with strong players with the close of this round. With the experience and support from our investors, we are even more confident that we are en route to becoming one of the largest global social dating brands.”Expansion remains a top priority for Paktor and the SG$10 million funding will be used to aggressively grow the brand in existing markets that include Singapore, Indonesia, Malaysia, Thailand, Vietnam, and Taiwan. Also included in Paktor’s roadmap is expansion into new markets in Asia, including North Asia.Besides growing its user base, the Paktor team has also grown to 50 team members, up from 15 during its Series-A round 6 months ago. With the fresh injection of funds, it intends to aggressively hire.Part of the investment will also be channeled to product development, adding further value for users. These will include improving Paktor’s existing set of app features by adding localised offerings, such as in-app gifting and group chats.