Indonesia's IDN Media Bags Series C Investment In a Round Led by EV Growth
Digital media platforms are burgeoning due to rampant usage of technology and social media by young millennials. The daily consumption of digital content is overtaking other traditional mediums like television, radio and print. As a result, a number of digital media startups, which target youth have emerged in recent years. Indonesia’s multi-platform media company IDN Media is also working on a similar agenda. The company wants to democratize access to accurate, balanced, useful, and positive information, and to become the voice of millennials and Gen Z in Indonesia.
IDN Media recently raised a Series C investment round led by EV Growth (a joint venture of East Ventures, Sinar Mas, and Yahoo! Japan), with participation from True Digital & Media Platform (a Charoen Pokphand’s company) and LINE Ventures (the corporate venture arm of LINE Corporation). Founded in Surabaya, Indonesia in 2014 by brothers Winston Utomo and William Utomo, the company aims to bring about positive impacts on the society through its platform. Currently, IDN Media operates IDN Times, Popbela.com, Popmama.com, Yummy, IDN Creative, IDN Event, and IDN Creator Network, with over 50 million monthly unique users onits platforms.
The recent investment will allow the company to accelerate the growth of its readers through the nationwide hyperlocal strategy, to advance its product offerings and technology, and to explore strategic partnerships and acquisitions.
Commenting on the investment, Winston Utomo, founder and chief executive officer, IDN Media, says, “This is just the beginning. The IDN Media we see today has only scratched the surface of our long-term vision. While this Series C investment is an important milestone in our journey, the mission to become the voice of Millennials and Gen Z is always a work in progress. We will keep working very hard to become a company that brings positive impacts on the society.”
One unique feature of IDN Times is IDN Times Community, a user-generated writing platform that allows everyone to write and publish. It was launched in February 2017 and currently, IDN Times has over 80,000 community writers across Indonesia.
Engaging millennials and Gen Z
With over 40 million unique visitors every month, the news and entertainment platform envisions to become the voice of millennials and Gen Z in Indonesia. William Utomo, founder and chief operating officer at IDN Media feels 2019 will be a very exciting year for his company. “For the past year, we have been growing very rapidly, primarily driven by our amazing team at IDN Media. In terms of business, in the past 12 months, we have worked closely with more than 200 brands to help grow their business by connecting them with our audience, which is primarily Millennials and Gen Z. Moving forward, we are striving to keep improving our product and technology offerings to help connect more brands to our audience, and ultimately to help them grow their business,” he says.