Streaming app 17 receives US$23m from LeSports Innovation Fund

After disappearing from Apple's App Store and Google Play last year because of the “indecent content”, 17, the live streaming app from Taiwan, announced that it has received capital infusion of RMB 150 million (US$23 million) from LeSports Innovation Fund to expand its market in China.

Founded by Taiwanese entertainer Jeffery Huang, the social webcasting app allows users to do live broadcasts whenever and wherever they want, and streamers with a certain number of followers can get a portion of profit from the platform.

The platform claimed that a popular webcasting presenter on 17 can make as much as US$6,000 every month.

Launched last year, the app managed to snatch celebrities from Taiwan, Hong Kong, Singapore and Malaysia.

The company also said it has hit 10 million downloads within eight months to become the most downloaded iOS and Android APP, its growth rate surpassing that of Facebook and Instagram.

In this round of financing, it secured RMB 150 million (US$23 million) from venture capital LeSports Innovation Fund. The large capital infusion will be directed to its strategic expansion in the Chinese market.

17 also received investments from chairman of Prometheus Capital Sicong Wang and Infinity Venture Partners in its early year financing.

LeSports Innovation Fund also facilitated 17's strategic partnership with LeSports on smart hardware as well as diversified UGC, "We're grateful for LeSports Innovation Fund's recognition. 17 will keep offering good services to our numerous social webcasting users while working with LeSports to provide diverse content of entertainment, sports, games, movies and culture & creativity, and to explore more ways of interaction on the platform," said  founder Jeffery Huang.

Last year, as some users broadcast indecent content, hoping to become more popular, which lead to the removal of the app from Google's and Apple's app store.

The company said its staff will now monitor all the broadcasts around the clock and send reminders to remove illegal or sexually explicit content.