Taiwan-based, music streaming service provider, KKBOX has raised USD 104 million led by Singapore’s sovereign wealth fund, GIC (Government of Singapore Investment Corporation). KKBOX Co-Founder and CEO Chris Lin said that the company aims to utilize the new funds for company’s overseas expansion, as well as developing its technology and services.
Currently, its services available in Taiwan, Japan, Hong Kong, Singapore, Malaysia and Thailand and claims to have 10 million users. It is backed by other investors also including Japanese telecom company KDDI, GIC, HTC and Taiwan’s Chunghwa Telecom.
Launched in 2004, KKBOX is competing with Spotify since 2013, which is available in Singapore, Hong Kong, and Malaysia as well as Philippines and Taiwan.
KKBOX is also planning to extend its services in Indonesia, Vietnam, and the Philippines this year. Last year, it has established its operations in Malaysia and Singapore.
GIC has investments across 40 countries and in assets such as equities, fixed income, real estate and private equity with over twenty years. At present, the firm managing a few billion dollars to well above USD100 billion.
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