Shortly after announcing that it has been acquired by Latin Gold to get listed on the Australian Securities Exchange (ASX), and its acquisition of Hong Kong-based online community alivenotdead.com, the holding company of social networking website mig33, Project Goth Inc. (PGI) has today shared that it has secured US$2.2 million of funding from Taiwan’s FIH Mobile Limited.
For the record, FIH Mobile Limited (short for Foxconn International Holdings) is a subsidiary of Hon Hai Precision, which trades as Foxconn Technology Group, a Taiwanese handset manufacturing giant.
According to an official statement, a further US$7.4 million is to be seen injected into PGI through the placement of shares, which will be subjected to shareholder approval and the successful completion of the merger with Latin Gold. The merger is expected to complete this June.
Latin Gold shareholders will also be voting on the issue of shares to FIH at a general meeting scheduled for June 2014, as mentioned in the same official document.
Steven Goh, CEO and Co-founder, PGI said that the investment from FIH has been a strategic move, which is “pivotal” to making the company “as great as it can be”. There are plans to establish a development centre in Taiwan, which will primarily focus on business development and extending the reach of its subsidiaries into the mobile ecosystem.
In conversation with e27, Goh said that this development centre, based out of Taiwan, will provide mig33 and its sister companies a chance to be on “tens of millions of phones per month by next year”, given that FIH produces more than 40 million phones per month. He added, “Taiwan and Southern China is the heart of the mobile disruption.” (Sic)
At the moment, mig33 has 3.8 million monthly active users. He noted that there will be a platform update slated for June 2014.
In an article published on TechCrunch, Goh also noted that the proceeds from the reverse takeover will give mig33 room to acquire more companies in Asia, Eastern Europe, Middle East and Africa. These companies are likely to be ones which will provide mig33 with access to the media industry or be in lifestyle-related industries such as online dating, gaming or e-commerce firms.