Content aggregator Newswav has raised RM6 million in its latest Series A funding led by OSK Ventures International Bhd to further strengthen its market-leader position and drive user penetration in key market segments.
With a mobile-first focus in mind, Newswav launched its mobile application in 2017 and is now has close to 200 content partners. Its existing investors include BFM Capital and YYC Ventures. Newswav currently has close to 30 employees.
Newswav CEO Swee Wai Hoow said that the company hopes to revolutionise the content industry and redefine the way Malaysians consume content. “Content consumption patterns and preferences have transformed significantly over the past decade, and were further accelerated as a result of the pandemic. We see changes not just from the type of content that users are consuming, but also the amount of time they spend online, especially on their mobile devices.
“By working closely together with news and content publishers as well as individual content creators, we’ll be able to furnish richer, more relevant and relatable content to our users and at the same time deliver additional traffic and ad share revenue to our content partners. We aim to be the only content aggregator platform that Malaysians will ever need,” Swee added while acknowledging the rising demand for local and original content from its user base.
As part of its expansion plans, part of its funds will be used towards user acquisition, strengthening their leadership in the content aggregation space, and diversifying its revenue stream. Other areas include enriching their content, driving user engagement, expanding its creators’ platform, as well as scaling up its in-house ad tech capabilities.
OSKVI executive director Amelia Ong Yee Min said, “We see tremendous opportunity in Newswav’s business model. We believe that Newswav is well-positioned not only to continue its content leadership by bringing a more engaging and richer consumer experience, but also to establish an innovative approach towards content consumption and delivery that will pave the way for the content aggregator segment regionally.”
“Newswav has created not just a popular content distribution platform but also a way for its media partners, independent journalists and third party contributors to monetise their content with a win-win revenue sharing model: That is Newswav’s true innovation,” said Malek Ali of BFM Capital.
Newswav registered a strong revenue performance in 2021 with up to three times revenue growth compared to the year before. Brands that have advertised on Newswav’s platform include EcoWorld, Mitraland, Gamuda Land, U Mobile and Berjaya Sompo.
