Japan’s third largest social network GREE[J] announced today they would invest in Mig33 (by Project Goth, Inc.) who is a SMS and IM text messaging-based social network platform in Singapore. GREE plans to invest several million US dollars in Mig33’s series C round and to acquire several percent stake. This will be the first ever case investing in a non-Japanese company for GREE. Mig33 is a social network platform designed for feature phones and has engaged 40 million users in emerging countries in Africa, Asia, Middle East and Eastern Europe. The two companies are expecting to work together for developing a common platform that allows the third party providers to publish their apps and services on the both social networks.
GREE announed last month that they would take 4.2% stake in @cosme[J] (by iStyle, Inc.[J]), a word-of-mouth based marketing portal especially on cosmetics products targeting Japanese females in their 20s and 30s.
Prior to this round, Mig33 has accumulated 2.35 million US dollars fundraising from VC firms including Accel Partners, Redpoint Ventures and DCM.
via: Second Times[J]
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