Digital magazine store Magzter raises $ 10 million for global expansion
Magzter which has created a cross-platform, global digital magazine store and newsstand, today announced that it has raised a US$10M round of Series B funding. This new round of funding is led by a wholly-owned subsidiary of Singapore Press Holdings Ltd (SPH) and its existing investor Kalaari Capital (Kalaari). The funding will primarily be utilized for further expansion and entry in to digital books. Magzter aims to have one million digital books available on its platform by early 2014.Magzter was co-founded by Girish Ramdas and Vijayakumar Radhakrishnan in 2011 and is headquartered in New York with sales offices and teams in the UK, France, Germany, South Africa, Singapore and a back-office in India. It allows any publisher to digitally publish for a global audience. “Magzter has rapidly scaled to also become the world’s largest creator of Apple Newsstand apps,” says Girish.
In about two years, Magzter has more than 16 million users from more than 200 countries, and offers a global catalog of over 3000 magazines from over 900 publishers in more than 30 international languages. “Magzter has become a global leader in digital magazines and the investment from SPH and our existing investor Kalaari is perfectly in line with our expansion plans since SPH is a regional powerhouse and a significant player in the global publishing industry. With this new investment we look forward to growing to be the number one digital reading destination in the world,” says Girish.
Ms Deborah Lee, Executive Vice-President, Corporate Development, SPH, says "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."