An Asian Powerhouse
Social entertainment platform M17 Entertainment came into existence only recently - a merger between Singapore-based dating platform Paktor and Taiwanese video streaming platform 17 Media in 2017.
Despite this, M17 had quickly risen to the top of the tech ladder, becoming Asia’s premiere mobile broadcasting and social interaction company.
What was next for the company, and its founder Jeff Huang?
The concept was simple - rewarding users for engagement on the new Lit mobile app with tokenized assets - this would be known as Mithril.
But how could this Asian-specific company land on western shores? And how could they properly fund a project that had very little hype?
The Three Million Dollar Deal
Given Cluster’s experience and propensity for blockchain, Jeff Huang pursued us for a collaboration quickly. Our investment in Mithril covered ten percent of the total raise - three million dollars - which we pledged and committed within thirty days of our first meeting with Jeff.
With such a large stake in Mithril, their success would become our success.
We set to work on forming a community around Mithril - our first step was a Telegram channel, led by two dedicated members of Cluster to help with community management.
We put out all the stops, growing the community to over five thousand strong and spreading the word about what Mithril and M17 were creating.
Hype was building.
Iron HandsActual price performance
over 4 months
Other funds tried to buy out our allocation at double digit multiples before Mithril’s distribution.
We declined them.
Upon release, Cluster handled tokens worth over one hundred times our initial investment.
Despite such a large return, we gave the MITH token plenty of support and allowed it to grow further.
Mithril would go on to a peak of a 400 million dollar market cap, and a top 25 project.