KUALA LUMPUR: Digital Media Nusantara has secured an undisclosed funding from Malaysia Debt Ventures Bhd (MDV) to futureproof the business and develop its financial markets technology.
MDV is a wholly-owned subsidiary of the Minister of Finance Inc.
Digital Media said the funding would be used to accelerate its mission to become Southeast Asia’s first fintech media firm, operating at the first mile of the financial markets infrastructure and market intelligence value chain.
“The Pre-series A ‘technology bridger’ will enable the firm to commence future proofing and digital transformation across its ecosystem of brands, including The Asean Post, reimagining Southeast Asia, and Spotlights Labs,” it said today.
Founder and managing director Rohan Ramakrishnan said Digital Media’s mission was to bridge the data and information gap surrounding Southeast Asia’s capital markets.
Ramakrishnan said the lack of accurate, reliable and structured data was impairing informed decision making and affecting the region’s competitiveness.
“Our objective from inception has been to solve this anomaly by aggregating data and streamlining it into actionable insights that can drive the region and its businesses forward,” he said in a statement.
“With MDV’s support we are now able to move on to the next stage of our development roadmap in time to play a critical role in the Asean Economic Community in 2025,” he said.
MDV chief executive officer Nizam Mohamed Nadzri said Digital Media’s team had a brilliant idea and strong track record to create an ecosystem that not only solves a problem, but helps to drive Asean forward in terms of global competitiveness.
“We are proud to back a Malaysian-owned company that has a first-mover advantage in the race to amalgamate Asean’s financial markets and information systems landscape and play a pivotal role in accelerating this process.
“We are delighted to have been able to set things into motion for them and look forward to seeing more growth and success for Digital Media,” said Nizam.
Digital Media will run additional bridging rounds and its larger Series A round to further fuel the development of its growing stable of brands.
Singapore-headquartered corporate finance advisory boutique Yefira Group acted as transaction advisor while Malaysia-based corporate and M&A law boutique firm Peter Ling & Van Geyzel was transaction lawyers.
Source: New Straits Times
