North Base Media, an investment firm specialising in media and data technology, has reached the first close of $15 million for its second media fund.
The NBM Investment Fund II has a target of $75 million, it said in a regulatory filing.
The first tranche of capital was received from nine limited partners.
North Base Media was founded in 2013 by Marcus Brauchli, a former editor at The Wall Street Journal and The Washington Post, and Sasa Vucinic, who led $100 million financing for media companies in developing markets as former CEO of Media Development Loan Fund.
North Base has announced funding in 23 companies with recent investments in Bulgaria-based Content Insights, Taiwanese news platform for Chinese readers The News Lens and UK-based Minute Media. The company says on its website that the portfolio reaches more than 110 million mobile and digital users and unleashes 1.5 billion social engagements every month.
North Base focuses on two sectors of media content and media technology. For the content area, the firm strategically targets growth markets in Southeast Asia, India, MENA and Latin America.
It launched the NBM Investment Fund I in 2014 with a $2 million target and the NBM Investment Fund A the next year with $50 million target.
There have been not many media-focused fund dedicated to the region. Prior to North Base, Aurora Media Holdings launched a $30 million global media fund, based out of Singapore, to provide equity and debt financing for media content and technology startups. Meanwhile, there are several global media-focused funds and holding companies such as Bertelsmann Digital Media Investments and Hubert Burda Media that are also allocating part of their capital to Asian companies.
[Disclosure: NBM is an investor in DEALSTREETASIA].