Indonesian media startup IDN Media today announced that it has raised an undisclosed Series B funding round led by Southeast Asian venture capital firm East Ventures –its existing investor– with participation of Hong Kong-based venture capital firm Central Exchange.
The funding round followed the company’s Series A funding round, which was announced in September 2016.
In a press statement, IDN Media said that the new funding round will allow the company to “speed up the growth of its audience and to improve all of its products and technology to achieve its goal of becoming the voice of Millennials and Gen Z.”
It cited plans to bolster its editorial team by launching local edition and newsroom in 10 cities in Indonesia, establishing several new vertical media, growing community base, and increasing the investment in original content.
It will also focus on improving product offerings and technology for both readers and the brand advertising partners, and launch a new portal that focussed on Millennial mother audiences by end of the year.
“For the past year, we have been growing our product lines, strengthening our content creation, building deep relationship with brands & advertisers, and ramping up our hiring of the best talent in the industry to prepare the company for rapid growth. We are very excited and grateful because the rapid growth in audience are followed by strong partnerships with brands, resulting in significant growth in revenue and profitability,” said IDN Media Founder and COO William Utomo.
Founded in 2014 by brother William and Winston Utomo, IDN Media currently has offices in Surabaya and Jakarta.
Run by a team of 140, the company brands itself as a news portal for the Millennial and Generation Z audiences. It operates news and entertainment portal IDN Times, female-focussed portal Popbela, food-focussed media Yummy, news video portal NOW, video production house IDN TV, digital agency IDN Creative, event agency IDN Event, and creator marketing agency IDN Creator Network.
It claimed to have generated 50 million monthly website visits across two portals, one billion monthly content views across all platforms, and 62 million monthly video views.
Image Credit: IDN Media