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Startups

SoftBank-backed live video app sold to Match Group for $1.7bn

South Korean Hyperconnect deal marks one of biggest exits for venture capital arm

Hyperconnect runs Hakuna Live, a social livestreaming app that is popular in South Korea and Japan. (Photo by Yuki Kohara)

TOKYO -- Hyperconnect, a South Korean live video startup backed by SoftBank's Asian venture capital arm, on Wednesday said it is being acquired by U.S. dating app operator Match Group for $1.7 billion.

Founded in 2014, Hyperconnect runs Azar, a one-on-one live video app, and Hakuna Live, a social livestreaming app that is popular in South Korea and Japan. The company is profitable and generated more than $200 million in revenue in 2020, a 50% increase from 2019, according to a news release.

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