GIC invests $104m in Taiwan music streaming service provider
GIC Private has invested $104 million in KKBOX, a Taiwan-based company that provides music streaming services in Asia.
KKBOX's co-founder and CEO Chris Lin said in a statement that the proceeds will be used to fund the company's overseas operation, as well as develop its technology and services.
Founded in 2004, KKBOX currently has 10 million users. It operates a pop music library comprising more than 500 international and local independent music labels across six Asian markets - Taiwan, Hong Kong, Japan, Singapore, Malaysia and Thailand.
Apart from the management team, KKBOX's major shareholders include Japanese telecom giant KDDI and HTC. ChungHwa Telecom, Taiwan's largest telecom carrier, owns a 30% stake in KKBOX's Taiwan subsidiary.
GIC said it has "confidence in the long-term growth potential of KKBOX given its unique music streaming service and strong franchise in its home markets."
Earlier this month, GIC acquired an 18.5% stake in Brazilian education company Abril Educação. In May it took a stake in Brazilian online sports goods retailer Netshoes for $170 million.
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