Indonesia: IDN Media raises Series B from East Ventures, Central Exchange

Image sourced from East Ventures' Twitter account

Indonesia-based digital media company focusing on millennials and Gen-Z consumers, IDN Media, has raised an undisclosed sum of money in a Series B financing led by local venture capital firm East Ventures, an announcement revealed today.

The round – joined by Hong Kong-based central venture capital firm Central Exchange – is hoped to help IDN Media acquire audience, speed up growth, and improve its tech and products. The group currently employs about 140 employees.

Winston Utomo, Founder and CEO, IDN Media, said, the IDN Media people see and experience today has only scratched the surface of the company’s long-term vision.

“The series B investment allows us to move closer to our goal: to become the voice of Millennials and Gen Z. In addition, with the raise in capital, we will focus on our mission to build a better 360 multi-platform media company for Millennials and Gen Z,” Utomo stated.

IDN Media boasts over 50 million monthly website visits across two of its portals, one billion monthly content views across all platforms, and 62 million video views.

It operates IDN Times (News & Entertainment Portal), Popbela.com (Female-focused Portal), Yummy (Food-focused Media), NOW (News Video Portal), IDN TV (Video Production House), IDN Creative (Digital Agency), IDN Event (Event Agency), and IDN Creator Network (Creator Marketing Agency). It will also launch a new portal focusing on Millennial Mama called Popmama.com by the end of the year.

In brand partnerships, IDN Media has worked together with more than 150 brands such as L’Oreal, Unilever, Procter & Gamble, Djarum, Tokopedia, Samsung, and Traveloka, among others. To get revenue, the group utilises online-to-offline advertising campaigns that include native editorial, video, targeted KOL endorsement, integrated social posts, Facebook Live Poll, Millennial-focused events, and more.

Willson Cuaca, Co-Founder and Managing Partner at East Ventures, commented: “IDN Media’s strategy to focus solely on Millennials and Gen Z has proven to be working very well. Not only that they have reached a massive and loyal audience, but they also have built strong business fundamentals with significant growth in the revenue, resulting in profitable quarters.”

East Ventures is one of the most active VC firms in Indonesia, who within this month alone, have invested in on-vehicle advertising startup StickEarn and online car financing platform MobilKamu.

With East Ventures’ backing, IDN Media hopes to expand its editorial team by launching local edition and newsroom in 10 cities in Indonesia. It also aims to establish several new vertical media, grow its community base, and increase the investment in original content. It will also focus on improving its product offerings and  technology, both for the readers and the brand advertising partners.

In Indonesia, IDN Media competes with Kumparan, Baca, Brilio, and UC News. Kumparan raised undisclosed funding in July from GDP Venture, a VC firm led by Gudang Garam’s second generation family member, Martin Hartono.

Kumparan claims to be Indonesia’s first hybrid online news site that combines online news with social media concepts. This concept allows users to be news providers. Users can write articles, or create videos, and follow other users’ profiles within the platform. Stories are presented in feeds and timelines just like other social media platforms. It received its first round of funding – which was also undisclosed – in January 2017.

Also Read:

GDP Venture backs Indonesian media startup Kumparan

Indonesia startup Brilio embraces shift in media habits driven by millennials

Indonesia: Media startup Kumparan receives first round of funding

Indonesia: Kompas Gramedia to acquire Scoop for undisclosed amount

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.