Investors to cash out as Singapore TikTok-rival Lomotif sold for US$125m

Singapore

SINGAPOREAN Paul Yang spent three and a half years sleeping on strangers' couches in the US as he scrimped to build his video-sharing app, used today by millions.

Now, his company Lomotif is getting acquired by a US-based group in a deal that could see significant returns for his handful of early backers. The TikTok-rival's investors include Golden Gate Ventures, Koh Boon Hwee and Kuok family-linked K3 Ventures.