Digital media advertising platform Target Media Nusantara (TMN) has secured Series A funding from Indonesia-focused venture capital firm Alpha JWC.
Financial details were not disclosed. The investment in TMN comes after Alpha JWC led a Series A round of funding for another media startup, Nusantara Technology, in October.
TMN is a part of China-based Focus Media Group, which claims to be the country’s largest lifestyle targeted interactive digital media network. It runs an LCD display, poster frame, movie theatre, and in-store advertising network.
Focus Media has previously expanded to Singapore, Hong Kong, and South Korea, where it claims to cover a total of over 3 million screens catering to more than 5,500 brands. It launched TMN in Indonesia in mid-2018 and is eyeing the country’s indoor digital media advertising sector.
TMN founder and chief executive Thomas Chan said the fresh funding will be used for business development and operational purposes. The media startup plans to double its presence from 450 advertising screens in the Greater Jakarta area to 900 screens by the end of 2018.
It expects to stand out from the competition in the domestic market with features such as live uploads, smart audio (where ad volume in an elevator is automatically adjusted based on the number of people) and an in-the-works eyeball-tracking analytics technology.
“We are proud to be the exclusive and trusted partner for Focus Media Group for the expansion in Indonesia,” said Alpha JWC Ventures co-founder and managing partner Chandra Tjan.
Alpha JWC firm has invested in nearly 30 companies across the fields of media, co-working space, financial services, SaaS, e-commerce and marketplaces; and scored one exit by selling its stake in co-working space operator Spacemob.
The VC firm recently launched its $100-million second vehicle. Its first fund had a $50-million corpus and was backed by institutional investors in Asia, the US and Europe.