Pal+ (formerly Cubie) raises USD $1.3 million Series A led by Southeast Asia game publishing giant
June 30, 2015 - PRLog -- The Taiwan-based messaging company announced that it has raised USD $1.3 million from Asiasoft—the Thai-listed leading Southeast Asia game publisher, Taiwanese venture capital firm Expert Idea Limited, and FunP, the company’s seed investor. The company, formerly known as Cubie Inc., is now Pomelo Network, a Singapore incorporated company, with its R&D team in Taiwan. Its main product has also been rebranded Pal+ to emphasize the ease of making friends through the app.
Founded in 2012, the company was the 2nd Taiwanese team to receive funding from 500 Startups, the highly acclaimed Silicon Valley incubator. Now led by Thelma Lin, who joined the company in 2014 after years of heading a publicly traded gaming company in Taiwan, the company now has the 700 million ASEAN consumers in its sights.
Over the last year, Lin has spearheaded the rebranding and restructuring of the company. Lin has injected a more youthful, energetic and playful look into the award-winning app and has been actively promoting Pal+ (pronounced as Pal Plus) in Southeast Asia markets. Explaining the strategic focus, Lin notes, "We have nearly 12 million downloads worldwide, with half of the monthly active users coming from Southeast Asia, so it was natural to follow the users. The investment from Asiasoft, more than anything, validates the significance of Pal+’s user base in Thailand and elsewhere in the region.”
The strategic link to Asiasoft will be significant for Pal+. Chairman of Asiasoft, Sherman Tan, explains, "Asiasoft has more than ten years of experience in the game publishing and digital entertainment business and we have over 130 million registered users on our platform in Southeast Asia. Our goal is to leverage our content and distribution and work with Pal+ to be a neutral and open platform for all game publishers to be able to distribute their content via mobile to all of Southeast Asia. We are confident that this partnership will be synergistic for all.”
Asiasoft Corporation Plc (BKK:AS) trades on the Stock Exchange of Thailand (SET) and is one of the leading gaming companies in Southeast Asia. The company publishes online games, operates Internet cafes, and has its own online payment system. The company has publishes games in Thailand, Vietnam, Singapore, Malaysia, Philippines and Indonesia and has over 130 million registered users globally.
Page Updated Last on: Jun 30, 2015