Messaging app Line has announced a new €37m fund to grow its network of services.
The Japan-based firm has been aggressive in its plans to expand operations in recent months. In December, it announced a new partnership with Sony Music Entertainment and Avex Digital with the aim of providing a new subscription-based music-streaming service, in addition to a separate YouTube-style video streaming feature called Line TV .
Now, as reported by TechCrunch, Line is seeking to invest in companies that provide online-to-offline (O2O), e-commerce, and payment features, plus new media and entertainment services.
Line was established in 2011 and, though not particularly popular in Ireland, it is the top messenger in Japan, Taiwan, and Thailand. The app operates in much the same way as Viber and What'sApp, allowing free messaging, voice calls and video calls anytime via iPhones and Android devices.
The fund form part of the company's strategy to ensure future earnings do not depend too heavily on its messaging app or connected games platform.
Among the new features that could be rolled out include a mobile payments service called Line Pay.
Line image via Shutterstock
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