IDN Media Secures Funding From Local, Foreign Investment Firms
Jakarta. IDN Media, a digital media company that focuses on social and entertainment news, secured a series B investment from a group of local and foreign investment firms to expand its media business and accelerate technology development.
The funding round was secured from Jakarta-based early-stage venture capital firm East Ventures and Central Exchange, a Hong Kong-based private investment firm. The company did not disclose the total amount of funding.
"We are very excited about the series B investment and working with our new partners to achieve our mission as the voice of millennials and Gen Z in the country," IDN Media founder and chief executive Winston Utomo said in a statement on Monday (27/11).
IDN Media is known as a Buzzfeed-like online news portal that targets digital savvy millennials — a person born between 1981 and 1996 — and Gen Z — kids born since the mid-1990s.
The company, which employs 140 employees in Surabaya (East Java) and Jakarta, garners around 50 million visitors to its sites every month, 1 billion views on all content and 62 million views on videos.
"In a relatively short time, IDN Media has built a strong content data-based and equipped with an advanced technology, which is also supported by a solid team, positive working environment and strong business operations," said Billy So, a chairman at Central Exchange.
IDN Media currently operates IDN Times (a news and entertainment portal); Popbela.com (a pop culture and lifestyle portal); Yummy (food content video platform); NOW (news portal video); IDN TV (video production house); IDN Creative (digital agency); IDN Event (event organizer agency); and IDN Creator Network (creator marketing agency).
In the near future, IDN plans to launch a new media portal, named Popmama.com, to target new young mothers, or so-called "millennials moms." The company will also continue to improve its editorial content and launch local content in 10 major cities across the archipelago.
The company also wants to boost its community followers, accelerate its technology development and increase investment in producing original content.
"We are grateful for our visitors' growth that we secured by strengthening our partnership with a few number of brands. And it also has given impact to our significant growth and profitability," said IDN Media founder and chief operating officer William Utomo.
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