SINGAPORE - Singapore Press Holdings Ltd (SPH) announced today that its wholly owned subsidiary is the lead-investor in a Series B US$10 million (S$12.5 million) round of funding in Magzter Inc (Magzter), a global digital magazine store and newsstand.
The other co-investor is Kalaari Capital (Kalaari), a venture capital fund investing in global technology-oriented companies.
Ms Deborah Lee, Executive Vice-President, Corporate Development, SPH, said: "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. We are excited to be part of this round of funding and see great potential in Magzter for future growth."
Magzter allows any publisher in the world to digitally publish for a global audience. The company was co-founded by its Chief Executive Officer, Girish Ramdas and President, Vijayakumar Radhakrishnan in 2011.
The company's headquarters are located in New York and it has sales offices in various countries, including Singapore.
Magzter has more than 16 million users from more than 200 countries and carries a global catalogue of thousands of magazines in more than 30 global languages.
Global publishers using Magzter include Hearst (USA), Conde Nast (USA), Newsweek (USA), Bloomberg (USA), Haymarket (UK), Edipresse (HK) and SPH in Singapore.