AVCJ

JAIC, CyberAgent-backed dating site in Taiwan IPO

  • Andrew Woodman
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Sunfun Info, an online dating platform backed by Japan Asia Investment (JAIC) and CyberAgent Ventures, has debuted on the Taiwan over-the-counter Gre Tai Securities Market.

Shares in Sunfun Info closed 14% above their IPO price during the first day of trading on Tuesday, performing better than the over-the-counter index, which fell 0.14%.

Taipei-based Sunfun operates iPartment.com, the nation's largest dating platform with 4.32 million registered members and 57,000 full paying members. Set up in 2002, the company merged with Yahoo-Kimo's online dating business unit in 2010.

Sunfun's revenue for the first quarter grew 20.3% year-on-year to NT$81.08 million ($2.7 million). The company's revenue for this year is estimated to grow by 15% year-on-year to NT$344 million on an improved user mix, more users and increased app revenues through smartphones.

According to AVCJ research, JAIC and Cyber Agent originally invested $3 million in the company in 2006 through the $22.8 million CA-JAIC China Internet Fund, a vehicle launched the same year and jointly managed by both firms. The fund focuses on start-up and early-stage IT companies based in mainland China, Taiwan and Hong Kong.

Its successor fund, CA-JAIC China Internet Fund II, reached a final close of at $19.8million in April 2011.

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