Youth-focused media platform IDN Media bags Series D funding to grow users

IDN Media, an Indonesian media platform brand targeting youths, has secured a Series D investment led by business conglomerate Mayapada Group and investment company KMIF. According to IDN Media, the investment will allow it to accelerate the growth of its users through the super-app and ecosystem strategy. Additionally, it will also advance the brand's technology, strengthen the teams, and execute strategic partnerships and acquisitions. 

Firms such as East Ventures, OCBC NISP Ventura, Dentsu Group, and V Media Ventures have also participated in the investment. 

Winston Utomo, founder and CEO of IDN Media said: "After the Series D investment has been secured, we have prepared several strategic initiatives to be executed as soon as possible. This will be a very exciting new era for IDN Media." He added that IDN Media today has only scratched the surface of its long-term vision, and while the Series D investment is an important milestone in the brand's journey, the mission to democratise information for all Indonesians is always a work in progress. 

"We made the decision to invest in less than 24 hours. We deeply believe in the vision of brothers Winston Utomo and William Utomo. They are young, ambitious, and hardworking individuals who have a dream of making a difference in the future of Indonesia," Professor Tahir, founder and chairman of Mayapada Group explained. 

As for East Ventures, Roderick Purwana, managing partner of the capital film, said: "East Ventures has invested in IDN Media since 2015. We have always believed in IDN Media’s vision, founders, and teams. What impressed us the most is that the company has been profitable for the past four years and has achieved a positive cash flow last year, including positive operating cash flow." According to Purwana, this is a rare achievement for a growing technology company in the region, which proves that IDN Media has created a healthy, sustainable, and scalable business. 

Founded in Indonesia, IDN Media aims to democratise information for all Indonesians, especially Millennials and Gen Z. The brand operates four major business verticals - content platform, digital media, commercial, and entertainment. According to the IDN Media's website, it touts 80 million active users monthly. 

Separately, IDN Media acquired Indonesian eSports media site GGWP.ID in July 2019. According to the brand, this move was driven by the aim of leveraging the industry "massive growth". Additionally, it aimed to build more awareness and exposure of the opportunities that eSports can bring to the society, as well as change the stereotypical perception that playing games brings negative impact. GGWP.ID had four main business units: eSports Media, eSports Tournament Platform for event organisers, eSports Team for professionals, and eSports Creative, a digital agency. In particular, the agency oversaw brand storytelling, content creation, and online activation. Utomo said then: “We believe that the eSports phenomenon has just begun. With GGWP.ID, we envision to create the biggest and most impactful eSports company in the region for Millennials and Gen Z.” 

Meanwhile, East Venture has launched many strategic initiatives in supporting the overall progress and development of Indonesia, such as supporting the digital transformation, and ensuring the incorporation of sustainability aspects. It allocated US$150 million for early-stage deals, and US$400 million for growth-stage deals, as part of its focus to support Indonesian and Southeast Asian startups. According to East Ventures, it has doubled down on its investments in Indonesia, believing that initiatives made by relevant stakeholders such as the government promoting digitalisation through its G20 Presidency will further elevate the tech ecosystem and create greater investment opportunities in Indonesia.

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