Media company Singapore Press Holdings (SPH) announced today that its wholly owned subsidiary is the lead-investor in a Series B US$10 million round of funding in Magzter Inc (Magzter), a global digital magazine store and news stand.
An official statement did not name the subsidiary. The other co-investor of the magazine is Kalaari Capital (Kalaari), a venture capital fund investing in global technology-oriented companies.
Commenting on the occasion, Deborah Lee, Executive Vice-President, Corporate Development, SPH, said, “Investing in Magzter Inc is an opportunity for us to enter into yet another new platform for content delivery and is part of our strategy to enhance content creation and distribution. We are excited to be part of this round of funding and see great potential in Magzter for future growth.”
Magzter was co-founded by its Chief Executive Officer, Girish Ramdas and President, Vijayakumar Radhakrishnan in 2011. Its headquarters is located in New York and has sales offices in various countries including Singapore. Magzter allows any publisher in the world to digitally publish for a global audience.
The digital magazine has more than 16 million users from more than 200 countries and carries a global catalogue of thousands of magazines in more than 30 global languages. Global publishers using Magzter include Hearst (USA), Conde Nast (USA), Newsweek (USA), Bloomberg (USA), Haymarket (UK), Edipresse (HK) and SPH in Singapore.