Back in July, blockbuster messaging app Line revealed a partnership with New York venture capital firm Collaborative Fund to give a boost to the Japan-based app’s western expansion. Today, the duo announced a pitch contest that will put six budding American startups on stage for a chance at future collaboration with Line.
“The collaboration could be in the form of investment or partnership,” Sebastien Park, a Collaborative Fund associate, tells Tech in Asia. “The Line team will be at the event.”
While Line has become ubiquitous in many parts of Asia, the sticker-stuffed messenger has faced an uphill struggle in the US due to stiff competition from better-established rivals. According to research firm comScore, as of July, Line has approximately 2.7 million users in the US, a paltry figured compared to homegrown heavyweights like WhatsApp (7.2 million), Snapchat (23.9), and Facebook Messenger (42.2 million). However, a business development manager at Line claims more than 10 million active users there.
Regardless of how many Americans are currently chatting with Line, the app is on track to surpass 500 million registered users globally by year’s end – a massive audience for a humble startup to gain access to with a partnership.
The ongoing tie-up with Collaborative Fund, which has focused on making early-stage joint investments in American startups, aims to boost Line’s global presence while opening the door for future acquisitions in a battleground market. Collaborative Fund and Line have yet to disclose the identity of any startups they’ve jointly invested in, but the door appears to be wide open for their pitch event.
“We’re vertical agnostic, as long as the candidates are mobile-centric, applicable to a global context, and are pushing the world forward,” Park says.
Collaborative Fund’s portfolio includes Kickstarter, Lyft, and Reddit. The pitch contest, currently accepting applications, is scheduled for November 18.
Line wants US startups to pitch in toward its overseas expansion
No comments:
Post a Comment