- Phoenix Group acquires 25% stake in UAE social media platform Lyvely for an undisclosed amount, expanding its presence in the creator economy.
- Lyvely helps creators monetize their online presence and provides exclusive experiences; it raised seed funding last year to develop crypto tokens.
- Phoenix CEO says the deal allows the company to invest in a high-growth digital/creator economy and drive innovation.
Phoenix Group PLC, a leading UAE-based cryptocurrency mining and blockchain company, has acquired a 25% stake in homegrown social media platform Lyvely. The move allows Phoenix to expand its presence in the social media and creator economy sphere.
Founded in 2020 by Farah Zafar and Dave Catudal, Lyvely enables content creators to monetise their online presence. It also provides consumers with exclusive experiences and access. Last August, the startup raised an undisclosed amount in Seed funding from Cypher Capital to develop its own cryptocurrency token.
Meanwhile, Phoenix was founded in 2016 by Bijan Alizadehfard and Munaf Ali. The company aims to drive innovation and empower creators through its latest acquisition. As part of the deal announced on 26 December, Phoenix INV Holdings, a fully owned subsidiary, will acquire the 25% stake in Lyvely.
Commenting on the strategic acquisition, Phoenix Group CEO Bijan Alizadehfard said: “With Lyvely, we are not just acquiring a stake in a company; we’re investing in the future of the digital and creator economy, which has huge potential and is on an exponential growth trajectory.”
The deal highlights Phoenix’s commitment to expanding its presence beyond cryptocurrency mining and into the social media space. With content creators and influencers gaining more monetisation opportunities, the acquisition allows Phoenix to tap into this high-growth segment.
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Last Updated on December 30, 2023 by Safiya K
