Aditya Hadi Pratama · · 2 min readEast Ventures-backed Indonesian media firm secures series D funding
IDN Media, an Indonesia-based media platform, has raised an undisclosed amount of series D funding in a round led by Mayapada Group and KMIF, with participation from East Ventures, OCBC NISP Ventura, Dentsu Group, and V Media Ventures.
According to VentureCap Insights, IDN Media raised US$23 million earlier this month. A company spokesperson told Tech in Asia that the filing process is not yet finished, and that the total amount raised in this round exceeds the reported figure.
A source familiar with the deal said that the round pushed the company’s valuation to around US$338 million.
IDN Media founders Winston Utomo (left) and William Utomo / Photo credit: IDN Media
Founded in 2014, IDN Media operates sites including IDN Times, Popbela.com, Popmama.com, Yummy, IDN Creative, IDN Event, and a creator platform called Indonesia Creators Economy (ICE). The media firm has over 80 million monthly active users across its platforms.
The company was established by brothers Winston Utomo and William Utomo. In 2019, it raised around US$15 million from EV Growth, Line Ventures, and a subsidiary of Thai conglomerate CP Group.
IDN Media plans to use the fresh funding to grow its users, advance its tech, and execute strategic partnerships and acquisitions. “We have prepared several strategic initiatives to be executed as soon as possible,” William said in a statement.
See also: These are the most active investors in Indonesia’s startups
Editing by Miguel Cordon and Lorenzo Kyle Subido
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