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Foxconn’s FIH Invests $2.2M In Social Media Site mig33

TechCrunch TechCrunch 30/04/2014 Catherine Shu

Project Goth (PGI), the holding company of , has received $2.2 million in funding from , one of Foxconn’s handset manufacturing service providers in a deal that could preload the social networking service’s apps into millions of mobile phones. Founded in 2007, mig33 focuses on sharing entertainment content in emerging markets. mig33 announced that it , a Hong Kong-based site for celebrity profiles, in February.

PGI will also receive an additional $7.4 million if it merges successfully with Latin Gold, which is listed on the Australian Securities Stock Exchange (ASX), bringing its total raised from FIH to $9.6 million. FIH would receive an indirect interest of up to 19.9% of the deal is completed. The newly-listed company would be called migme ltd.

mig33 plans to use the new capital to establish a development center in Taiwan, where FIH and Foxconn are based, as well as grow its mobile ecosystem.

In an email, mig33 Steven Goh said, “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. The development deal, he adds, “is all about getting mig onto tens of millions of phones each month by the end of the year. We’re super excited.”

This is the latest in a series of moves Foxconn has made to diversify its business by reaching out to startups. In December, Foxconn launched a $6.8 million startup incubator that will focus on wearable tech, and it also has in an accelerator program.

Goh says that mig33 will continue to acquire other companies, form new business deals and build a mobile ecosystem using its Foxconn connection.

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