GIC, Singapore’s sovereign wealth fund, has pumped a whopping USD104 million in KKBOX, a Taiwan-based music streaming service.
In a press release sent yesterday, KKBOX co-founder and CEO Chris Lin revealed the proceeds will be used to fund the company’s overseas expansion, as well as refine its technology and service.
KKBOX also attributes the backing to its long-term growth potential, spurred by the rising demand of consumer technology in the region.
KKBOX is available in Singapore, Taiwan, Hong Kong, Japan, Malaysia and Thailand.
Its other major shareholders include Japanese telco giant KKDI and tech brand HTC.
