Foxconn's FIH pours $2.2M into Singaporean social media firm mig33

By VCPOST Staff Reporter

Apr 30, 2014 08:19 AM EDT

Singaporean social media site migg33 has pocketed $2.2 million in funding through its holding company Project Goth (PGI). The funding came from Foxconn handset manufacturing service provider FIH, according to TechCrunch.

Steven Goh, the founder of migg33, explained Foxconn's role in the social network's development: "What's significant is that Foxconn manufacture 40 million to 50 million phones per month (out of 1.8 billion phones produced each year), and they're the center of the production and manufacture of another 40 million to 50 million phones... (it's) all about getting mig onto tens of millions of phones each month by the end of the year. We're super excited."

Under the terms of the investment deal, PGI will get another $7.4 million upon its successful merger with Australia-listed firm Latin Gold. FIH would also gain a maximum indirect interest of 19.9% upon completion of the transaction. The newly-listed firm would be named migme ltd, the report detailed.

The Singaporean firm will use the new funding to open a development center in Taiwan, the home country of FIH and Foxconn. mig33 will also continue purchasing other companies and form business transactions using Foxconn's connection, TechCrunch reported.

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