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DateTix Group raises $1.75M to boost dating app growth

DateTix Group (ASX:DTX) has raised $1,759,600 via a placement to new and existing Asia and Australian-based investors at $0.34 per share.

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DateTix Group raises $1.75M to boost dating app growth

DateTix is a mobile app that facilitates on-demand dates by connecting like-minded people who are nearby each other and free at the same time.

The app is witnessing strong growth, with monthly active users increasing to 114,000 in October 2016, up 128% versus the same period in the prior quarter, driven by strong user growth in China.

Most importantly, the company achieved a record revenue of $145,000 in October 2016, up 54% versus the same period in the prior quarter.

DateTix recently completed the acquisition of Lovestruck, a premium online dating platform currently operating in Hong Kong, Singapore and the United Kingdom.

Lovestruck strategically complements DateTix, with its focus on serving older and more affluent urban single professionals who are seeking serious relationships and marriage.

The Chinese version of Lovestruck allows DateTix to more effectively target and capture the massive Chinese-speaking population around the world, starting in Hong Kong, China and Taiwan.

Hong Kong was the top performing market for the month, with revenues driven by both online membership subscriptions and premium matchmaking services.

The latest placement for over $1.75 million places DateTix in a strong financial position for further product development and marketing initiatives.

Quick facts: DateTix Group

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ASX:DTX
Market: ASX
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