17Live Group Limited LVR has signed a memorandum of understanding (MOU) with its earliest institutional investor, the Taiwan-based venture capital firm AppWorks Ventures Co to “enhance synergistic investments”.
The June 27 announcement did not state further details about these coming investments, except that the parties will “leverage AppWorks’ expertise and network” and “foster strategic avenues for growth” for 17Live.
AppWorks, founded in 2009, led 17Live’s seed round back in 2015. As an accelerator, AppWorks claims its alumni network numbers 563 tech companies with six IPOs: Uber. GameSparcs, Kuobrothers, Pcone, 91APP and 17Live.
Joseph Phua, executive chairman and CEO of 17Live, says the partnership will “accelerate our growth trajectory and explore potential investments and M&A activities that align with our strategic vision”.
17Live’s e-commerce platform OrderPally, formerly known as FBbuy and HandsUp, is also an AppWorks start-up. “With our e-commerce platform OrderPally thriving under AppWorks' guidance, we have experienced the impact of our partnership with AppWorks firsthand in driving success in the B2B live commerce sector,” adds Phua. “As we embark on expansion initiatives for OrderPally across SEA, the signing of the MOU with AppWorks is poised to strengthen our position in the regional live commerce landscape.”
Jamie Lin, chairman and founder of AppWorks, says the MOU represents a “significant milestone” for the company’s ecosystem. “17Live, once a company that we seeded, has grown to become a public and scaled company ready to reach and deepen its involvements and foster the growth of exceptional companies for the next generation.”
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Shares in 17Live closed 1.5 cents lower, or 2.19% down, at 67 cents on June 27, down 84.16% over a year.
