Kalaari, Singapore Press commit $10m to Magzter
Digital magazine store and newsstand Magzter Inc. has raised a $10 million Series B round of funding from Singapore Press Holdings and existing investor Kalaari Capital.
Founded in June 2011, Magzter enables magazine publishers to offer digital editions of their titles and publish interactive, audio-visual content over mobile apps and the web. It offers more than 2,850 magazine titles from over 900 publishers, including Conde Nast, Hearst and Singapore Press Holdings.
"This Series B funding will be used for our plans to further expand our business by offering new services, content types like digital books and enter new geographies," Vijaykumar Radhakrishnan, the company's co-founder and president, said in a statement.
Magzter claims to have over 16 million digital consumers. The company's headquarters are in New York, with offices in London, Chennai and Singapore.
Singapore Press Holdings publishes and produces more than 100 magazine titles in Singapore and the region.
"Investing in Magzter Inc is an opportunity for us to enter into yet another new platform for content delivery and is part of our strategy to enhance content creation and distribution," Deborah Lee, executive vice-president for corporate development at SPH, said in a statement.
Kalaari first backed Magzter in February 2012, with $3 million in funding.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.