Indonesian wedding portal Bridestory continues to make good on its plans to tackle Southeast Asia’s US$18 billion dollar wedding market.
The first step after raising their Series A in March 2015 is to partner with Singapore’s MediaCorp. According to a statement, the joint venture will link MediaCorp‘s wedding-focused digital assets with Bridestory’s Singapore site.
With its established business in Indonesia made up of 80 employees, 2 million users, 10,000 wedding vendors and 250,000 monthly visitors to its site, why would the one-year-old Bridestory look to Singapore for its next move?
Co-Founder and CEO Kevin Mintaraga told e27 that after validating their idea in Indonesia, the move into Singapore will be used as a strategic launchpad into the rest of the region. “Singapore is often regarded as the business hub in Southeast Asia. Since our concept has been well-accepted in Indonesia as one of the emerging markets, we believe that Bridestory will also fit well into the Singapore audience, as a mature market,” he said.
“Targeting the Singapore wedding community serves as the first stepping stone in our international expansion plans to other countries in Southeast Asia.”
After the move into Singapore, Mintaraga also revealed his plans to expand into four other English-speaking Southeast Asian countries within the next one to three months.
On the fundraising front, Bridestory is also looking at their Series B but couldn’t disclose more at this time. Besides the Rocket-led Series A investment, the likes of Sovereign’s Capital, Fenox VC, East Ventures, Lippo Digital Ventures, Skystar Capital and BEENOS Plaza have also backed Bridestory within the past year.
On the flipside, Mediacorp arrived early in Singapore’s broadcasting industry but has been diversifying its portfolio and eyeing regional markets by way of investments and joint ventures.
Besides having Kuala Lumpur-headquartered gaming publisher Cubinet as one of its digital properties, they also acquired 52 per cent of Indonesia’s KapanLagi Network — one of the archipelago’s largest media companies. They also started an investment fund and incubator called Mediapreneur back in 2013.