Foxconn is investing up to $9.6 million into Mig33

Screen Shot 2014-04-30 at 6.23.10 PM
Foxconn has announced it is planning to invest up to $9.6 million into mobile social network Mig33 through the Foxconn International Holdings (FIH) business. Mig33 started off as a phone-based social network, but revamped into a microblogging platform. Mig33 hits around 3.8 million monthly active users and then expanded into focusing on celebrity and musician fan engagement by acquiring Deadoralive.com.

FIH will be investing $2.2 million into Mig33 initially. It will increase that by $7.4 million when its parent company completes a listing on the Australian Securities Exchange. Mig33 is opening a development center in Taiwan near Foxconn’s headquarters. The development center will focus on “business development efforts and extending the company’s reach into the mobile ecosystem.”

Foxconn is best known as being the company that manufactures Apple iPhones and iPads. Foxconn has been diversifying its businesses to lessen dependence on Apple. Foxconn now has a fund for wearable technology and launched its own smartwatch. Foxconn also bid for a 4G license in Taiwan and launched a crowdfunding platform.

[Source]

Leave a Comment