(L-R) Newswav co-founder Swee Wai Hoow (CEO), Janice Chin (Head of BD and Product), and Yap Zhi Chau (Co-Founder)
Malaysia-based content aggregator Newswav has scored RM6 million (US$1.43 million) in a new Series A funding round led by OSK Ventures International (OSKVI).
Newswav will use the capital for user acquisition, strengthening its leadership in the content aggregation space and diversifying its revenue stream. A portion of the funds will be used to enrich its content, drive user engagement, expand the creators’ platform, and scale up its in-house adtech capabilities.
CEO Swee Wai Hoow said: “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.
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With a mobile-first focus in mind, Newswav launched its mobile app in 2017. With over two million installations, Newswav has more than 15 million average monthly visits across its mobile app and website combined.
The firm provides content in three different languages (English, Malay, Chinese) and three different formats (articles, videos, podcasts) for audiences.
The portal aggregates about 200 publications and content creators, including well-known publishers such as The Sun Daily, SCMP, Malay Mail, The Edge, Sinar Harian, BFM, The Vibes, Daily Express, and World Of Buzz.
Newswav claims it registered a strong revenue performance in 2021 with up to 3x revenue growth compared to the year before.
Newswav’s other investors include BFM Capital and YYC Ventures. It currently has close to 30 employees.
“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,” said Malek Ali of BFM Capital.
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