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.