Bertelsmann Asia Investments, the regional corporate venturing subsidiary of media company Bertelsmann, has contributed to a series B round for Indonesia-based newsreader app developer Baca, Tech in Asia reported yesterday.
The exact size has of the round, which also featured venture capital firm Crystal Stream and angel investor CC Zhuang, has not been disclosed, though chief operating officer Jimmy Sie confirmed that it was more than $20m.
Founded in January 2015, Baca aggregates 20,000 to 25,000 articles from 500 news publications and analyses what kind of stories each user likes to read so it can displays pieces relevant to their interests. The company claims to have more a million daily active users.
Baca is a subsidiary of Hong Kong-based news aggregator News in Palm, which also launched a newsreader app in Brazil dubbed Central das Notícias in March 2016. It has not disclosed details about previous funding rounds.
The deal marks Bertelsmann Asia Investment’s first foray into Indonesia according to our deals database, GCV Analytics, the company mainly having focused on China to date.