BuzzCity, which is a Singapore based mobile content and services company, and owns myGamma, a mobile social network, received $10 million from MIH. MIH is an investment arm of the South African media conglomerate Naspers and had earlier invested in popular social networking site – Ibibo and ACL wireless in India. Dr. Lai Kok Fung, CEO, Buzz City, in company’s official Blog writes, (Referring to MIH) “They are buying a 25% stake in the company.”
The investment will help BuzzCity to expand at a speedy rate. They plan to build more localized version of myGamma. myGamma mobile ad network has more than six lakhs page views from India. It’s in the second position, while Indonesia leads the game. BuzzCity will utilize the fund for building brands, marketing and Public Relations to attract potential media partners. Dr. Fung further adds, ” I expect BuzzCity will expand in Africa, Middle East and Latin America, and strengthen our operations across Asia, Europe and US.” BuzzCity was initially funded by 3i, BancBostov and SPH Multimedia and now are exiting from the company. (SPH Multimedia is keeping a small stake)
In the official blog, Dr. Lai clearly mentioned that he was misquoted by a blogger, on BuzzCity planning to look for a strategic partnership with an Indian entity. Well, BuzzCity can not completely rule out India in his expansion plans, even though MIH has invested in Ibibo and ACL Wireles, which interestingly, also, has its own mobile community - Frenzo. Will have to wait and watch out how MIH plays on this!
MIH had invested into China’s Tencent